Further to that, the idea that "if you take moderation far enough you become a publisher" is the situation prior to §230, that §230 was enacted in order to get rid of (so that there would no longer be a disincentive for intermediaries to choose to moderate!).

https://www.techdirt.com/2020/06/23/hello-youve-been-referre...

https://en.wikipedia.org/wiki/Section_230#Background_and_pas...