Isn't this an issue that US First Amendment law has dealt with since the founding of the country?
My understanding (vastly simplifying) is that the current standard is: does not infringe on rights of protected classes, does not incite imminent violence, & subject to national security concerns.
All of which are fuzzy lines, subject to court interpretation on a case by case basis, as they should be. (Even national security, which courts have traditionally granted wider latitude to)
All three are plausible rationales under which to bring a hypothetical "antidemocratic" case (to use a catch-all term that encompasses what people seem to be implying).
At core, and first principles, what "we" probably want as a nation is a sliding scale that moves from primacy of shareholder / owner to primacy of public, according to user count & market percentage.
Aka if you're a 10,000 user app, and you think (non-inciteful) racist content will make you the most money, that's your (terribly immoral) business.
But if you're a 100,000,000+ user multi-app company, then public and democratic interest takes primacy over your shareholders. Don't like that? Spin off some products.