Until we have protocols over platforms, we need to compel lawmakers to treat platforms over some threshold (perhaps 250M MAUs?) as "common carriers".
While platforms should be able to deboost or delete hate speech and harassment, there need to be robust escape hatches for when content is falsely flagged or when users return to normal community behavior. Nobody should be able to be de-platformed (or de-personed) indefinitely.
I routinely see folks on Reddit that complain of being blocked in some subreddit they enjoy because they merely posted in another subreddit once. Perhaps even in disagreement with the content of that subreddit. There's no appeal process or restitution, and Reddit's ban evasion policies state that trying to get around these bans can get you completely perma banned.
Imagine permanently not being able to participate in the biggest community for your {hobby, city, career}. And being told you must comply. That's messed up.
Even if regulation-compliant moderation winds up costing an order of magnitude more than it does today, it will be well worth it to preserve our freedoms.
Those that are pro-censorship and pro-user removal should realize that they could just as easily find themselves on the other side of the debate. A decade ago the dynamics favored the other side, and those now in power would be the ones finding themselves erased. The pendulum swings. It's best to make rules that protect everyone, especially the minority.
Censorship and permabanning are 1984, regardless of what the opinions or who the users are.