I find that it's always interesting to THEN consider, okay -- while there's no centralized board or anything -- what does e.g. American censorship go after?
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Easy example: compare the Marvel "Civil War" comics to the movies. The former was critical of the military in a way that could not happen in any big blockbuster movie.
It most certainly "could" be made as there is nothing preventing a studio from doing so if they wanted to. It may not be commercially viable and thus it would not get green-lit by a studio but that's a world away from the government explicitly forbidding it.