Following a speech by president trump where he uses coded hate speech, violence against minorities increases.
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3102652
I'm not arguing we make hate speech illegal, or have thought crime. In fact if it were up to me racists would be even more up front about their deplorable worldview. But I think it's very important that the employees of companies are allowed to exercise their own value systems by denying users of hate speech a platform.
This isn't a defense of banning anti-PRC posters though. Calling xi jinping Winnie the Pooh isn't hate speech. Discussing what constitutes hate speech could be another valuable discussion perhaps held elsewhere - I don't agree that a definition is impossible, if that's where you're thinking of going. I don't agree that there's a slippery slope.