History doesn't repeat itself, but it often rhymes. Electric power, water, sewage, phone, internet access... each has its own specific history, times 170 countries. Not all identical, but the outcomes are pretty similar.

SM is clearly different from that and very much still in flux, and overly regulating it would be more of a burden than an advantage. Some amount of regulation may help though, especially designed to encourage diversity of ideas.

But mostly I wanted to counter the meme that "it's not censorship if it's a private company". Yes it is, when you have only one twitter and a handful of SM companies in total. It's not the ownership that matters, it's the ubiquity and the effect.