One can argue this framework is bad, but it is a framework under which one can consider the question of whether rate-limiting is immoral.
(I'd even go further to argue that "my property my rules unless the government has declared otherwise" is a default ethical framework for, at least, most Americans. Be it Disney World or my own hearth, there are a set of rules, written and unwritten, that those who do not co-own the property must abide while inhabiting the property or operating the property, and the owner may revoke the privilege of inhabitance or operation at, broadly, their discretion. Maybe "ownership makes right" isn't good enough for the specific context of "a user of a freely-provided authenticated public forum", but I think the burden is on the person holding that opinion to explain why we need a rule more restrictive than the default property-ownership-based 'my forum my rules').