UK “D-notices” are another great example
And the Sedition Act, as well as the Comstock Act
There are things they are allowed to talk about, and things they are not.
It’s been refined over many decades to maintain public ignorance
That Epstein or Enron type scandal you see in the media is tip of iceberg of what is not published.
Torture or murder on a live Facebook stream? You hold Facebook accountable.
It's the exact "Industries have an incentive to self regulate" talking point that conservatives have long used to say industries should be less regulated
And you are pointing to it as an example that we shouldn't use the government to regulate media.
Meanwhile, I think the FCC does a pretty good job, where their regulatory bar is "You cannot blast boobs or these swears over the public wireless spectrum, everything else is fair game", including an entire TV channel called "Fox News" which has had to argue in court on at least one occasion that nobody would assume any program on "Fox News" was news, rather than entertainment.