A social media site is like owning a bar. If nobody cool shows up, your bar is boring. If the bouncer doesn't remove loud overt bigots, that's who your customer base is now.
I frankly can't comprehend anyone who would see Elon's day to day erratic solo decisions that change the rules on the platform, and compare them to the nature of a standardized, predictable, basically "eternal" protocol like IP is.
Twitter also has no feature to build communities on top of it, who can moderate themselves. It's "flat". I this it has a feature to this effect, something roughly comparable to a "subreddit" would be, but no one is using it and it's clearly underbaked too.