So, this all falls under the category heading of "this private company's product or service is now too important to have it denied for arbitrary or unclear reasons". This is, in fact, not a new problem; we even have a word for this kind of good or service: "utility".

There was a time when phone service, electricity, etc. was just an ordinary private company that you contracted with, who could do whatever private companies can do. Eventually, we placed these kinds of companies in a special category, distinct from ordinary private companies, where they were subject to special rules (in those cases where they were not taken over by the government outright).

Eventually, we will turn social media companies which are as large as Twitter under the "utility" category, and access to them will be subject to a process with all the bureaucratic checks and balances. It won't be perfect, but it will be less bad, on balance.

Also, like almost all utilities, its profit margin will be tightly regulated, and often it will run at a (taxpayer-subsidised) loss.