It's not so much protecting people, is ensuring their mental energies can be put toward productive measures rather than swimming through falsehoods for the sake of it.
I laughed. Back in 1998 I attended a lecture that I though was about evidence of aliens messing with our DNA. What I got was intelligent design as proof that the bible was literally correct. Most laughed, but many did not. Students believe what they are told. Not all of them all of the time, but a significant percentage will believe anything they hear so long as it reinforces their world view.
If sufficient people are interested in a speaker/idea, isn't it best to let them speak and trust people to draw their own conclusions based on the information presented?
Yes, and whoever is making that determination gains great power. It is very easy to use this power of censorship to push an agenda. Arguments have many nuances and are rarely completely true or completely false.
Until we have a benevolent oracle that can determine whether an argument represents objective truth, free and open speech is our best option.
Telling that you're so quick to hyperbole here - of course nobody has actually been invited to speak at a college who believed that Obama was a "lizard person". People like Ben Shapiro, Ann Coulter, Glenn Beck, Alex Jones and Jordan Peterson have been invited and subsequently disinvited due to backlash, though, and I'm pretty sure those are the people you're backhandedly referring to. But they don't say that Obama was a lizard person. They do say that he was born in Kenya rather than Hawaii, that he's a muslim rather than a Christian, and that he's a socialist rather than a capitalist. Ironically, because these things are, at least, believable, when you say that they're no longer up for debate and won't even discuss whether or not their up-for-debate status is up for debate, you actually make it look like they _are_ true. Suppressing plausible conspiracy theories makes them seem more plausible, which is doubly distressing when they're conspiracy theories that are so easily debunked.
Untruth. Lies. Total fiction mascaraing as fact. Such things should be denied the dignity of a university podium. People who want to poke holes in climate models are one thing, people who believe the earth is getting warmer due to a giant dragon hiding behind the moon are another. People who believe Obama was a lizard-person sent by Bin Laden to undermine gun rights ... such "alternative facts" deserve no place on a campus dedicated to learning.