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Yes, the entire point is that requiring Google's permission to sideload anything is very bad.

The linked post by F-droid additionally points out that even that very bad case is not certain. We shouldn't trust that Google will even allow sideloading at all based on their words on their own blog.

Media has a responsibility to report that there is no evidence that Google will even allow anyone to sideload at this point.

What recourse does one have if Google simply revokes the permission it granted?

And who determines whether or not they get an accepted signing key?