most of the people in media are on twitter 247, talking heads take from twitter discourse and export that to other media
Whether this is a good thing for society is a different question.
(I'd argue that it's not and that Twitter should be closed down. But I know that's an unpopular opinion)
It probably can't be closed down in a way that's not even worse than current situation. Even if there's no coercion and management just has the revelation and decides to close shop, some (probably Chinese-owned) clone will probably reach the same position soon, what's the win?
I don't know what the effect would be. I don't think we can roll the clock back to 1995. But equally given the current situation in the USA I don't think the status quo is sustainable.
If you forced me to give an answer, then I think there should be a 1-hour delay on all tweets. It's the immediacy of the thing that gives it the power. If we just slowed it down then I think it would work better, because human nature.
No wonder any public person, any politician, any celebrity may find out that Twitter is a must, if they want to keep and grow their fame / celebrity / notoriety.