(not a loaded question, and it is possible different companies could emerge that would compete on the basis of their taste/curation/moderation policies. also equally possible it would be too costly/ unprofitable for the market to bear many smaller competing entities).
I think perhaps there's a third option but we just haven't really defined and figured it out yet. Some mixture of crowdsourced taste/moderation plus top down taste/moderation plus unfiltered UGC. Twitter's new user-generated Community Notes might be a good example of a step in a new direction. Social media is still relatively new.