And even if there were I doubt the legal basis in EU law exists for such an injunction
Accelerationism was always a terrible idea.
You have some medium-okay but clearly sub-optimal status quo and then a bunch of defenders resisting all change because "things are fine" even though they should be better than fine, or institutions that have been captured by corrupt interests but that situation is stable as long as they continue to provide bread and circuses. If it stays mediocre then everyone muddles along; if it gets worse then people stop ignoring the issue and actually address it so that it gets better.
The problem is, it's not just bread and circuses. People have been divided into camps for the purpose of directing their dissatisfaction against each other instead of the entities responsible.
So people get mad when things go wrong but the perpetrators convince them that the enemy is their neighbors and they need to direct their resources to defeating each other instead of working together to solve the actual problems.
For example, when SOPA/PIPA was defeated, it not only wasn't just along party lines, there was more opposition to it from Republicans than Democrats:
https://projects.propublica.org/sopa/pipa.html
So who we like here are e.g. Ron Wyden (D-OR) and Rand Paul (R-KY), because they both opposed it, even though they're in different parties. But then the "parties matter, not candidates" people would have you trying to oust everyone with the disfavored letter next to their name even if they did the right thing there. Which helps the baddies win by convincing you to oust good candidates from the "bad" party in favor of bad candidates from the "good" party, and over time makes both parties worse even as people become increasingly dissatisfied with the way things are going.
(Yes, the action described in the article is explictly not legally binding. That was also true of the Brexit vote.)
By affecting only Spain, the impact is too small for most websites to care.
Telefónica is nothing globally compared to Cloudflare. But in Spain it competes in some areas. Exactly where this ban is happening.
It is not hard to see a conflict of interest.
Just as trying to make social media be the arbiter of speech...