It does seem like they are used for "news" way more than (in my personal opinion) is advisable, but they are still each independent organizations, and they do not hold (quite) all of the keys to information, and still want to preserve a reputation of impartiality, as difficult and impractical of a goal as that is.
It's certainly a problem when other sources of information loudly pronounce misinformation as fact. If you only compare YouTube and a single other competing news source, you might feel it's rather odd that YouTube is choosing to stop information of a certain nature. If you look widely enough, you are more likely to find that the information is false, and it was your original comparison source that was, in fact, problematic.
The point of all this is that there needs to be more sources of valid, factual information than sources of the same problematic false information, or we are all going to lose the ability to determine any reasonable facsimile of truth. The fact that is it peer-propagated certainly entangles a complexity that is reflected in the very divided opinion on this issue.
But I think in the end it will boil down to something simple. Like other things we've previously agreed should not be free to be amplified on peer networks, likewise demonstrably false information sourced from the government of the people should also not be free to find amplification on those peer networks.
Can they seize your assets? Not directly, but try getting sued by the legal department of a mega corp and see what you have left when it's all over. The end result is the same.
As somebody else pointed out, we already had companies that effectively acted as unelected governments in the past, like the East India Company. They used to execute people.
More likely scenario would be exposing anyone That wants to be anonymous. Actually I think that happens in other countries all the time.
What a low quality response. I'm done with you, please do not reply to me further, here or elsewhere.