Wouldn't this apply to any social media site? Any of them might have illegal activity / content, and they certainly do.
The basic rule is, these social media sites have to make a reasonable effort to keep that stuff off their sites. Based on the NYTimes report, Pornhub was absolutely not doing that. Visa and MC's lawyers would have given them no choice but to stop working with Pornhub.
I personally wouldn't use PornHub, as I have a negative impression of their moderation standards. Being exposed to child porn could put me at serious legal risk, if I were to inadvertently view the wrong thing. But, that is a simple risk calculation on my part. And I am already surprised so many people would put themselves at risk, of using a website which lets anyone to submit content.