This is misleading. Not sure if by ignorance or malice, but it's very misleading.
This isn't happening with your browser bookmarks. This is Google Collections, which is a shareable bookmarking feature, meaning it can be made publicly available. That's why it's moderated. It's basically Google's version on something like Pinterest.
If you're going to store something on someone else's computer (Google cloud), they have every right to control what is and is not allowed on their systems. Don't like it? Use encryption, selfhost, etc...
So if you have a collection with political targets and the folder is just google maps links to their houses with their names as the bookmark name google shouldn't be allowed to stop you from spreading this?
Sure google is shitty but this feature is designed to share links with other people and sometimes those links can be dangerous so imho it's absolutely necessary to moderate them at some level.