Or do you have something concrete in mind on what to replace it with? Because just repealing it would lead to a much different Internet than it is today — and not in a good way.
In the EU it works well: the only social networks that exist are American :P
In the EU that would be Digital Services Act, chapter two of which offers websites similar protection to the Section 230. It's gonna be voted on soon™.
At the moment the EU has precedence in the opposite direction, with an Estonian news site Delfi having been held liable for anonymous user comments made on their platform: https://en.m.wikipedia.org/wiki/Delfi_AS_v._Estonia
It's literally the dumbest idea possible.
Unless the aim was literally to destroy these large left-leaning, people-empowering, highly profitable, internationally reaching businesses.
Now imagine which political party and which geopolitical adversary would like to make the internet less liberal, silence the powerless, make American tax revenue lower, and make more space for authoritarian voices on the world stage.
But people-empowering? These large platforms are very much anti-democratic and anti-empowering people. Even more, subverting peoples wills about what they buy by managing what they see and algorithmically trying to guide what they should think is very much anti people.
Any people empowering is merely a side effect and not at all the purpose
As for "the purpose" of social media, I suppose a simple reductive answer would be "to make money", but there were (and I think still are) people who are idealistic about social media giving a voice to the voiceless, even if you think that, in practice, commercial messages and misinformation end up having a bigger and more negative effect.
A thought experiment I think is useful is to imagine how Western political discourse could have been shaped (by politicians and the traditional media) if grassroots movements couldn't form and raise awareness through things like "hashtag activism".[0] The fact that authoritarian countries invest resources in censoring or banning social media also seems to confirm that they see it as a threat rather than a harmless distraction.