There is an obviously better alternative, which is non-centralized moderation.
This is HN. It's moderated. It's not moderated by a government or Mark Zuckerberg and it has no monopoly on the dissemination of information, so if you don't like the moderation here you can go somewhere else and there are in actual fact other places to go.
That works.
The real problem right now is that the biggest platforms are too big/centralized, which means you get chokepoints that attract hamfisted bureaucratic censorship instead of vigorous competition for high quality moderation.