Social media companies don't become more liable just because they moderate. They all do that already. There's no sudden legal line between moderation involving messages with spam or bigotry.
I think anyone amplifying messages on a large-scale in a one-to-many manner, between people that aren't equally engaged in a conversation together, should be considered to start accruing responsibilities over the content of what they're participating in amplifying, in a way that a phone companies largely don't have. I think social media companies have been largely shirking that responsibility by phrasing it as a free speech issue and letting anything go.
> Social media companies don't become more liable just because they moderate.
Actually they do:
https://cs.stanford.edu/people/eroberts/cs181/projects/1997-....
And also: https://cs.stanford.edu/people/eroberts/cs181/projects/1997-...
1) They can't be held liable for user-generated content, e.g. Facebook can't be sued for a defamatory statement that I make in a post on their platform.
A newspaper that authors and publishes an article making a similar defamatory statement could be held liable. I believe that Facebook could be held liable if the company itself authored and published the defamatory statement, instead of merely distributing my defamatory statement.
2) They can moderate user-generated content visible on their platform as they see fit, without trying to be "neutral" and without losing their liability protections (item 1 above).
Apparently, before this law, internet companies were worried about being held liable for what users said if they did any moderation (and some companies were sued for this).
---
This article seems to be a decent overview: https://www.minclaw.com/legal-resource-center/what-is-sectio...
This longer video (33 mins) from Legal Eagle is nice as well: https://www.youtube.com/watch?v=eUWIi-Ppe5k. It's been a few weeks since I watched it so hopefully I didn't miss too many important details.
Suggest you give less credence to whoever you contracted it from.
That said I don't really know what these users were actually banned for saying. It could have been pretty bad and although I might not agree with what they said I hope that people are free to express their thoughts and ideas even though I might find them personally offensive.