That's of course a stretch, no corporations aren't governments and aren't a new form of legal system. They are still subject to regulation. But I get your sentiment. I see an interesting point here: corporations like Twitch, while registered in a specific country (here the US) have a global reach. But their culture and set of rules is generally uniform, and heavily influenced by the country the company is from. Twitch is a US company, their way to analyze cultural/moral issues is with an American point of view and framing, but they are applied globally.
In some ways that extends the reach of US systems in a way even the US government cannot do, unless Twitch starts to create versions of their platform siloed by country.