Even for a democratic country, the problem is that sometimes it takes too long for "Truth to win out". We're seeing this more and more with social media and "anyone can publish" combined with the speed of the internet. Sure, the truth may eventually win out regarding whether or not drinking bleach is a good idea, but several people have gotten badly hurt and/or died before the "truth won out". Or consider how many innocent children may have died due to the anti-vaxxers? A related aphorism comes to mind. "The market can stay irrational longer than you can stay solvent."

Consider this quote from a recent NY Times article[1]

"These scholars argue something that may seem unsettling to Americans: that perhaps our way of thinking about free speech is not the best way. At the very least, we should understand that it isn’t the only way. Other democracies, in Europe and elsewhere, have taken a different approach. Despite more regulations on speech, these countries remain democratic; in fact, they have created better conditions for their citizenry to sort what’s true from what’s not and to make informed decisions about what they want their societies to be. Here in the United States, meanwhile, we’re drowning in lies."

[1] https://www.nytimes.com/2020/10/13/magazine/free-speech.html