In some more words:
I don't see the problem. Reddit is a private organization, they decided some other people are not welcome there, that is their prerogative. Hateful racists can go start their own forum, which they did. They are free to welcome other viewpoints or not.
In specific words:
> The last wave of bans across multiple platforms have got me thinking that we're on a bad version of the Internet.
We aren't, people are free to conduct their own business as they see fit. It's still the Internet.
> In general, I dont like shutting up the opposition and with traffic consolidated so heavily on a few platforms/companies, bans effectively shut people up.
Great, you can run your own forum and amplify the voice of whoever you want. Other people are free to moderate their platforms as they please.
> On the other hand, I cant deny that even the most outrageous claims find willing ears on the internet. Diseases that were all but exterminated are now flourishing in Europe thanks to anti-vax propaganda.
Right.
> Is there a middle-ground here, where people can speak their minds, engage with others - likeminded or not - without the damaging effects? Or are we destined to end in some form of dictatorship where 10 people determine who says what?
The internet is the middle ground. I see no reason we are destined to end in some form of "dictatorship", unless we maintain this insistence that all platforms have to allow all speech.
> And what happens when we no longer agree with these 10 people? Can we even get to that point if the entire narrative is so heavily controlled?
You can just... use the Internet. Register your own domain, pay for your own hosting, or buy some servers, take out come ads. It's the Internet, you can still do anything.
Sure, if you host a bunch of white nationalist toxic garbage your registrar may revoke your domains. Your hosting provider may pull the plug on your servers, etc. That's exactly how it should and does work.