I think there's a key thing everyone often misses with this which is the degree of separation and the aspects of radicalization that occur when groups organize.
Banning lolicon is often not an all or nothing state. ULMF. F95. Various hosting sites all have caveats that ban loli, ban loli posters, but will happily host things that are clearly loli in disguise. Often with weak, but still existent caveats. But those caveats drive an important aspect.
The degree of separation is the most important part. You can have childish looking artwork and write that off as style. You can claim the person is (enter minimum age of consent). Regardless, so long as people who say "I like that it's a child" aren't allowed to congregate, it's fine.
The solution therefor, is not banning an artstyle. It's banning lolicons. It's banning people who identify and organize around the personality, and if you doubt this exists keep an eye out for the next time someone on a discord shittalks loli and someone yells for their merry men to start posting graphs about fertility or some shit.
Because when those people get together is when you get shit. Thats how you get MAPS and diddlers. And INB4 study its called in-group radicalization, and it's literally basic bitch sociology 101. And if you want something specific, you've never worked in academia, because good god if you tried to get a double blind study approved you would get fucking shot by the IRB.
And if you doubt, go to /HGG. Go play their mod for Corruption of Champions. Go take a look at the sims 4 modding community thread. The moment you allow lolicons to congregate they go from "I just like the art style" to "I just like the touhou characters" to "text based British Loli Survivor Horror" to "The LonaRPG".
So yeah. We shouldn't be removing anything that isn't dead eyed SFM porn. But when someone looks you head on and says "I want to have sex with this virtual child" it's time to set some fires and watch them burn.