X already has Community Notes to handle this.

This is true (and actually valuable) but it doesn't help in cases when Elon or anyone else who is influential, adds a comment to a false, misleading, or racist message.

People aren't flagging when Elon says "True!" so people end up seeing the quote of the message that has community notes attached, but don't see the community notes unless they actually click. So it becomes a bit of drive-by assault, or a hit-and-run.

Although I suppose they could be flagging his (and others) statements as Amplifying Misinformation, or whatever the issue happens to be.

Several of Musk's own tweets have been commented on by Community Notes when they contain falsehoods.