It's pretty clear that Genshin Impact is banned on Hololive because of the China Taiwan incident.

Now Naraka: Bladepoint has released. Overall every possible reason should point towards Aqua playing it:
- Battle royale (she played Apex), and has Melee combat similar to Sekiro (Aqua is very good in Sekiro). It also has a true Solo mode (Aqua is a solo player). Basically it's the perfect game for her.
- Naraka had successful launch and already good playerbase, it's relevant game.
- In a recent Minecraft stream she said there was a game she wanted to play on stream but can't = Probably Naraka, and if not, then Genshin Impact (she plays gacha). Both lead to the same conclusion of Chinese games being banned in Hololive.
- Aqua doesn't play Apex anymore (at least on stream), because she has switched to Naraka, and even if she quit for other reasons like the bullying, her not playing a battle royale at the moment too increases the chances of her getting into Naraka.

(- Supporting fact: hidden restrictions are all over Hololive now, members are constantly mentioning how they can't do what they want on stream.)

This is sad because I like Naraka and would really like watching Aqua or other Hololive members play it.

Also, there's a risk that this China ban becomes apparent later, which will make Hololive look racist and cause even more China problems, even if it looks like the safest option now.