It's a complicated question because we've been fighting against everything and everyone for over a decade, demystifying fears and uncertainties. It's not a response to be taken lightly, so I'll give it my best shot.
I think initially it would be a disappointment, but since the Bitcoin community is not one to give up, it would be an opportunity to start over and, if possible, improve what needs to be improved. Sometimes we need to start from scratch to move forward.
Even if that wasn't possible, I don't think it would be the end of the world, just a setback in the fight against centralism and censorship.