I think it becomes too hard to define good faith moderation. Unless maybe you try to define how big a company is?

One of the reasons Elon Musk bought Twitter was because the Babylon Bee was moderated for misgendering a trans person. I could see an argument for why this might not be ok, but for me the same argument to me would fall apart on the /lgbt or /trans subreddits.

I don’t love the idea (nor do I think it’s feasible to distinguish) when you’re social media site becomes a “public square” and now your moderation decisions have to have some standard… regulated by the government? Which I think circles back to being a valid 1st amendment concern.