"They're both. They're a private company that offers a public service. As such, they can't do whatever they want."

Strictly from being a company that pursues profits, they can't do "whatever they want" because they want to maintain their userbase.

But, being a private company means they have a "right to do whatever they please" (property rights).

But having a right to do something doesn't mean people can't criticize those decisions or be right in those assessments.