Good point, my response would be that everyone seems to agree that a certain portion of social media is toxic.

I think the main reason these big social media and tech companies devote so many resources to moderation is their leaders are tired of being called into televised political hearings that sole purpose seem to be political grandstanding of self righteous politicians.

because humans are social creatures. So as long as we desire to communicate with each other, someone will profit by building services to fulfil that desire.