This sounds a lot like we're kicking the can of worms down the road.
Now we have to define what content is allowed and someone has to decide if some action is contrary to that policy.
We're also giving the power to the government to rescind 230 and I don't doubt for a moment that an administration could find reason to do so particularly for media sites it doesn't appreciate...
Finally, we have to define if something is contrary to the interests of users, meaning we have to define the interests of users... holy cow.
I think less is more in this case. There are enough social media sites out there that you can dial in pretty exactly what you want to see, no matter your persuasion.