... for now. What would be far more reassuring would be a statement from Google that Project Dragonfly does not meet their ethical standards as a company.
The fact that they even started the project speaks for itself. Companies don't have ethical standards, only slick PR departments.
But when Google all but removed the don't be evil thing from the work of conduct guidelines, that should have been a huge red flag that the company is no longer interested in "educating" its employees on this kind of ethics, and would prefer that its new employees treat the one and only leftover mention of Don't be evil in the work of conduct as what it really is now - a way for Google to say that it's still in there somewhere, and nothing more. The Don't be evil spirit within work of conduct guidelines is gone.