The free market can probably take care of it but the problem that is the left wars against any competition. I've posted this a billion times but the left takes down your bank account if they disagree with you, your software usage, web hosting, fundraising.... It's way beyond social media.
Look at the trick that was just pulled on Parler. Did anyone catch it? "Media reports right-winger does bad on right-wing Parler." They did the same thing to Gab as well.
Never mind the animals abuse, death threats and much more that have been going on for years at left-wing Facebook. Brand new Parler is "hate", so says the left-wing media. Case closed. Everything should be done now to shut down Parler because it's "hate", a propaganda corporation posing as news says it is. They always deflect and scapegoat others for what they do themselves.
There were 433 reports of Facebook death threats in 2019https://www.mirror.co.uk/news/uk-news/police-see-surge-facebook-death-21926309Have we seen 433 or more posts here about that or 433 separate news reports about left-wing Facebook's death threats? No, Parler bad.
The problem with social media is they have become the arbiters of what is and is not hate. For some reason one small group dictates to the world what is and is not hate and they're always above criticism. In fact, if you criticize the arbiters of hate, YOU are hate.
The government seemed to police a business having to bake a birthday cake for a gay couple a few years ago. For social media, the issue is that they should NOT be policing what is hate or not hate, what is true or not true. The media went on about Russiagate for 4 years but seemed to opt out of policing what was true or not true, hate or not hate when it came to themselves on that matter. Or better yet, they DID police themselves and they found out that they do no wrong, ever. Left-wing social media does the same.
Really, the 2 big issues are censoring "hate" and censoring "untruth". The problem is that a monopoly which is basically a utility shouldn't be deciding for countries or the world what is hate or not or true or not because they'll ALWAYS "know" what's true and what is hate, magically.