As a matter of simple economics, Google has essentially no choice but to comply with all RTBF requests whether or not they have merit

From Google's own public statements, they actually reject the majority of requests to remove search results under RTBF:

https://www.google.com/transparencyreport/removals/europepri...

Google doesn't have the resources (nor should it be expected to provide the resources) to actually adjudicate every case on its merits.

Apparently you're wrong on that one, but even if you weren't, I'm not sure I would have a problem with this. Google has a highly visible and influential system, but I don't see why it should be exempt from the same data protection and privacy rules that everyone else has to follow just because it is inconvenient or expensive to comply with them. Remember, the original RTBF ruling from the CJEU was based on existing general principles of fair data processing under EU law, not some special anti-Google legislation.

If you can pass a law forcing Google to remove links, why could you not pass a law forcing news outlets to update stories?

There are laws potentially requiring news outlets to update misleading stories, issue corrections, remove material infringing others' intellectual property rights, etc. This would also be covered by much the same data protection rules, as well as legislation regarding defamation, official secrets, copyright, and so on.

What if you were never convicted of the rape even though you were clearly guilty?

What if you were actually innocent even though the evidence against you seemed overwhelming?

We have a legal process to make decisions on these difficult issues, by holding a trial, and a great deal of thinking by a great many smart people has gone into making that system the way it is. If the verdict reached through such a trial is flawed, there are well established legal mechanisms for appealing it or even correcting it later if new evidence proves it was wrong. Obviously the system isn't perfect, nor can it ever be in the absence of telepathy or something. But Google and the Internet aren't even close to big and important enough to overturn an entire legal system.

And yes, sometimes that legal system results in surprising verdicts. Maybe that's because, unlike Mike from down the road who made a five minute post on his personal blog, the courts actually considered all of the available evidence and followed an impartial process through which an official determination of someone's guilt or lack of guilt was made. But that verdict will be regarded as the final decision for any other purpose, including say a defamation lawsuit also brought in a real court. So an argument that someone should be allowed to just say whatever they want and use a system like Google to magnify their influence even though a court has already ruled the opposite isn't going to be very convincing to me (or just about anyone else) I'm afraid.

Who decides which cases fall under the auspices of RTBF? The answer is: you do.

Every time you deal with someone else's personal data, you have a legal (and, I would argue, moral) responsibility to do so fairly. If you don't, the law may punish you. I just don't see why the RTBF is different to any other aspect of the relevant law in this respect.