But beyond that the difference is that with the Arkansas law, users don't have the _choice_ to remain anonymous. With verification, a user can simply sacrifice broader reach to maintain that anonymity.
Social media without the desire to be "seen" or recommended to random people, is just a messaging app.
But even still, for people that do post, social media has many forms. I personally use it to interact with people in my social circle, but not much further.
Take Twitter. I follow friends, and even some random content creators I'm familiar with from other platforms. I post, but with the knowledge that only a select few people will see it (in fact, I remove followers I don't know externally). But I strictly avoid algorithmically "recommended" content, sticking to just my chronological news feed.