Since the inception of the internet and social media, what is and isn't acceptable to post online has been governed by American culture standards. Murder and violence? Absolutely fine. My wife showing partial nipple on a picture of her breastfeeding on Facebook? Instant ban!
Personally, I think the only way for social media companies to play this and not lose, is to hand over the reigns of censorship to each country, to govern for themselves.
If India wants to ban some content; cool, Facebook gives them an API/dashboard, and they can remove that content themselves.
An American state wants to ban nipples and LGBT content? Cool. Florida government can dedicate some headcount to combating that, Reddit/FB/Google just give them some tools for self service.
Of course, the effect of that censorship is only applied to requests coming from IP addresses within that region, and doesn't affect the rest of the world.
Social media companies; stop letting random governments of the world hold you accountable for censorship. Put the onus on them, provide them the tools, and blame them for their own failing strategy that they can't enforce.