You can't separate demonetization from the question of publishing. Traditional media uses ads revenue for compensating content creators, but at the same time has a responsability for having copyright for every content they publish. Also just by the decision of demonetizing Alphabet gets farther from being just a communications medium earning money from helping the spread of information and getting to be a decider of what those users can communicate with eachother (Joe Rogan is a great recent example).

When a new law is being created, often it is created _because_ something legal, but immoral is being done by a person/company.

Also the law you refer to is a law inside the U.S., but Alphabet earns more than 50% of revenue (and most views) outside US. It was doing illegal business in the EU multiple times on grand scale and was given fines for it.