Whatever the solution, it's not to leave final arbitration of Google's search results up to a censorious Internet gatekeeper's tools and lists. We've been over this already with the Internet Watch Foundation.
People want to find someone they can blame, so they choose an easy target like Google instead of the actual sites hosting the problem content.
Something like imgur or giphy would be untennable here, in my opinion, unless you had an army of lawyers (which doesn't solve the nefarious content problem, just keeps you in business)
They are profiting off distribution.