Let us say the internet was created 50 years ago, and Facebook decided to eradicate all homosexual content. Perhaps, not even maliciously but as collateral damage for another goal. Would it have been as shocking or obviously bad?
Equally the EU isn't applying the same regulation to every company, the most significant ones only apply to companies with 10% market share. It would be quite plausible for gay friendly social networks to spring up to fill that gap, and I would entirely expect it to happen. Apps like Grindr basically proves it would happen.
With freedom comes responsibility and so forth. One persons freedom should not remove another's - which is what the platforms are doing.
The EU are ready to act https://twitter.com/NetopiaEU/status/1338879633392070656