PayPal already has an “Updates” page for their legal agreements. It describes which agreement is updated when and when that change takes effect.

I also received the PayPal email notification, but when clicking through the link the only legal agreement change this month was a week ago and was related to how much of your user data is available to a user visiting your PayPal.me page. Highly unlikely this is a coordinated change with Meta and MSFT.

Quick someone put the ToS in a git repo so we can incrementally see the diffs on each update and comment on its impacts. Is this possible?

Be the change you wish to see in the world.

I would do this, but I am very unsure on the legality of this.