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Telling a site that it has content on it that is against that site's own policy is not regulating the internet. Especially when there is no real or implied threat against the site if they do not remove that content.

That’s all well and good if you live in lala land where nothing bad is ever happening that isn’t the current government’s fault, but here in the Real World, the impacts of foreign governments engaging in an information war need to be dealt with. Part of that begins with acknowledging the objective fact that foreign state actors are engaged in such an information war.

Covid was created in a lab funded by the Chinese and the NIH, that's accepted as fact at this stage.

I don't think I'm living in lala land if i say the US Gov't has any stake in avoiding blame.

Accepted by whom?

You can believe that. But "FBI tells social media companies about an interference campaign" is not anything resembling "Trump demands direct payments in the form of settlements in exchange for favorable treatment in M&A regulation."