From my understanding about section 230 (which mostly comes from the articles below), I'm not sure I understand what the republicans in this country want or expect from any of this. Removing immunity and treating social media companies as publishers will increase moderation, not decrease it. If Facebook or Twitter could be sued for libel based on what their users post, they would be incredibly heavy handed about hate speech and misinformation.
On the other hand, requiring websites to be "neutral" in order to keep their immunity is also a minefield. It would require new legislation, and what does that look like? Zero moderation? Would all posts have to be chronological, or would companies be able to algorithmically create timelines?
https://www.techdirt.com/articles/20200531/23325444617/hello...
https://www.eff.org/deeplinks/2018/04/no-section-230-does-no...