Bell managed to get decrypting foreign satellite signals illegal as in criminal code illegal. Don't put it past them to somehow someway to do the same thing with VPNs.
The difference is that there are many, many legitimate uses for VPNs that would make it virtually impossible to outright bar their use, even just among consumers. But even if they did, or just made it illegal to use them to circumvent geoblocking, how could they possibly enforce that?
This was their opening public shot across the bow. God only knows how much lobbying they've already done in the backroom.
I think the reason they are making public pronouncements like this is a sign that they're not getting anywhere with their backroom deals. If they thought they had a handle on stopping this, they would stay quiet until it's done.