We do need to be able to discuss divisive topics on social media, and any single organization determining truth faces an impossible challenge. We shouldn't rely on the goodwill of Meta or the government as the basis for our trust on social media.
Community notes-style systems are... similar. Instead of a single group of people, we rely on a single algorithm/system to determine truth. At a minimum, such a system NEEDS to be open source. But even if it is, I seriously doubt any one algorithm will ever give us the low-effort high-accuracy truth heuristic we desperately need.
We need better models of trust/truth that support a rich ecosystem of personalized approximations of whether to trust or believe something.