The cesspool's already on the clearnet, we have examples of what it looks like: 4Chan, Gab, Voat - are all platforms that pride themselves on minimal moderation.

If we want the entire internet to either look like that, or force platforms to review every post for potential illegality (an impossible task), then yeah removing S230 is the way to go. If we think that sounds silly, then preserving S230 is essential.