But if social media companies ban, censor, take down, fact check, they aren't 'carriers', they are 'publishers', and the rules are significantly different.
Carriers have legal protection against what people put on, or transmit, via their systems. Publishers are responsible for the content they publish. When editorial decisions made, some posts taken down, some posts 'fact checked', and some users banned, that is exerting editorial control.
Publishers are legally liable for what they publish, which includes the publishing of copyrighted materials. Heck, that's like 3/4s of the posts on social media.
If someone is offended by a post they will go for 'the deep pockets' which is the social media publisher, so potentially every time someone is offended by a post, the social media company will find themselves in court paying legal fees.
The social media companies need to re-think this, become 'carriers' again so as to be afforded the legal protections there of. Otherwise they'll go broke on legal fees, as well as the expenses required to regulate (take down) copyrighted materials alone, let alone monitoring all the posts so as not to offend someone.