In a way we're fortunate that the descent down the slippery slope happened far faster than we could have imagined. We went from "we'll only use these powers to censor the flat earthers" to country's major social media companies blacking out a damaging story about the former Vice President's son moments before the highest turnout election in American history: https://www.npr.org/2022/04/09/1091859822/more-details-emerg....
The basic problem with the notion of "censoring misinformation" and even "fact checking" is that the "flat earth" stuff isn't really what anyone cares about. It's the debatable stuff that people have the desire and incentive to censor. That's always the way it works out.