It's the only reasonable way to construe what Google said.

If Google unilaterally changed its TOS and updated those terms by saying the account would go 'into a read only state' without any further details (both of which in fact happened), the user is entitled to assume that such a read only state will be the new status quo. Google should have specified a time limit or specified that the read only state would be revocable on with no or short notice, at the company's discretion. By staying silent on that matter, Google's communications were misleading or deceptive or likely to mislead or deceive the user of the product.

This really isn't rocket science.