I don't know if you've noticed, but in the short time since we have basically removed all gatekeepers things have not gone well.

Our democracy is on the verge of collapsing because liars and frauds have grabbed their newly available megaphone and convinced a very significant portion of the population that any election they lose is rigged.

If our democracy even survives this, which is questionable right now, we really need to rein in social media if we don't want to live under a despot.