> Am I reading the wrong page?

Yes. That's a separate investigation; "Today's action focuses specifically on the assessment of Meta's practices under EU consumer law and is distinct from the ongoing ... , and the assessment by the Irish Data Protection Commission under the General Data Protection Regulation (GDPR)."

The illegality of "Pay or Consent" is a GDPR thing. The EDPB ruling on that issue is here: https://www.edpb.europa.eu/system/files/2024-04/edpb_opinion...

But it's an extremely settled matter. The GDPR says explicitly that consent is not "freely given" if the provision of a service is dependent on said consent. (Where the service does not absolutely require the data processing in question; See Article 7, recital 43)