There are reasonable controls that can be put in place, but ultimately, Big Tech companies' responsibility needs to be seated in the legal system, and there needs to be a way to escalate to the legal system when these companies operate in a societally harmful fashion.
"We're just a platform, it's not our fault" should never be a conclusive answer to conversations about these companies' operations.
The system you describe would basically mean every online service that allows human interaction would always run under risk of any trolls being able to permanently take them down by abusing content moderation requests.
Agreed. This whole "we got so big chasing crazy growth that making us responsible for cleaning up our own mess would make us lose money" argument is very tiresome and one that I can't see holding any water outside of tech.
That seems extremely prone to being DOS-ed by bots or a brigade of complaint-heavy users.