I have no doubt. There is a thing called the "Rule of Unintended Consequences". So, given a loose interpretation of the law, European judges may rule sites defending the US nuclear bombing of Japan as a hate site (note especially the WWII reference), anything dealing with the American Revolution as a hate group, the War Against Terrorism, etc, etc. When we FReepers berate the French for their perfidy, watch that also be banned.
The very act of banning this kind of speech will also serve to promote it for those wanting to be anti-establishment. Better to let the kooks appear unabated for all to see. That would go farther than trying to decide what is and isn't hate by some bureaucrats. But those wacky Europeans have always known better than the upstart, primitive Americans and their ideas of freedom.
You are exactly right. I can't imagine that the thought police in Europe are trying to shut any speech it doesn't like in the face of the US Constitution. I guess I'm kind of like you. We are the unwashed so what do we know? Quite frankly I would like to see them try! Especially here!