As I understand it Bip110 stops bulk data from being entered into the Op return. This will stop inscriptions, but it won't stop or change regular Bitcoin transactions (defined as every transaction tha...
You're not missing much on the mechanics. BIP-110 does target OP_RETURN data. The problem is deciding what counts as 'regular' at consensus level. Inscriptions are valid transactions by every rule Bitcoin had before BIP-110. The 'prior to inscriptions' line assumes someone gets to declare a before and after. That's the governance creep. Once consensus rules include 'we know spam when we see it,' you've built the mechanism for anyone with enough support to redefine spam later. It's not about inscriptions. It's about who decides.