If by "votes" we are talking about hash power, then that's exactly what it means. If someone consistently controls 51% of the hash power, they become a centralized third party which can censor any and all transactions they do not like. At that point bitcoin is no longer trustless, decentralized, or censorship resistant. That's incredibly unlikely, yes, but never impossible.

The idea of bitcoin might survive such an attack, but bitcoin itself would only survive with a hard fork to brick the attacker's (and everyone else's) ASICs, or something similar.