The market "spoke" by creating the alternatives to Twitter/Reddit/Youtube/etc. The established players are now using their market-share and I guess collusion to basically kick their competitors off the internet and make their functioning more difficult.
I think a good analogy might be to call "acceptable speech" a form of "regulation". Traditionally, established large companies are fine with additional regulation because it makes it more costly for small competition to operate and compete with them. Likewise with expecting and making it "the norm" for platforms to police their content and get in to trouble for bad content, they make the operating cost of smaller competitors higher (if those competitors choose to play by the same rules).
Right now we're seeing that the smaller competitors are choosing not to play by the same rules, which I think is rightfully making the established companies nervous. From a company perspective it makes them worry about their market share. And also from a personal perspective, the individuals inside those companies worry that the alternatives will allow movements that they don't like to grow.