Having looked at the Canvas Deploy Notes for April 26 I see what Instructure is trying to do. They are trying to save instructors from themselves (save them from accidentally unpublishing the front page of their course so that when they eventually publish the course, students don't get that big blooper page). To put it another way, once you've created a front page that's a page, and once you've published that page, you can't UNPUBLISH it for the reasons you alluded to earlier.
The pale green checkmark that applies to this scenario also applies to assignments: you can't unpublish an assignment that has student submissions.
Now, do I still wish Instructure would improve the message that appears when you hover over the faded green check markt? Yes!
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