As we see with Facebook getting pressured by the FBI to preemptively censor information before evening finding out if it's misinformation or not (or even coming from Russia or not). They were basically trusting the FBI to have people's best interests at heart and letting the details work itself out later.

All of these attempts at moderating the internet always get misused, the scope forever expands, and usually does little IRL to stop ideas from spreading (even the FBI example resulted in a massive Streisand effect, because censorship immediately makes people pay attention).

Trusting billion dollar tech companies with this responsibility should be treated like crazy-talk. Even stuff like transparency on motives, transparency on algorithm changes, processes for challenging it, etc etc, are usually not part of the deal.