Companies need to leave the policing to the police. Also, hate speech is not illegal in USA, nor should it be. It is a complicated issue - everything that is wrong should not be illegal or banned.
Jean-Marie Le Pen managed to formulate many of his statements in compliance with local hate speech regulations. Far from all of them, though. See:
https://en.wikipedia.org/wiki/Jean-Marie_Le_Pen#Issues_and_p...
...and in some rare cases there is also actual hate speech in the sense of a countries respective laws. (Those laws are pretty diverse and far from universal.)
In functioning legal systems this latter, tiny set of cases is determined by judges. In other systems it's chosen through other means like corporations, priests, some mob or something.
With platforms as the rising way of public discourse courts are unprepared and just hand it off to somebody else. ...that doesn't mean it's the responsible thing to do.
People will probably still think that's great until the integrated corporations decide to switch sides and start to promote non-mainstream positions.