You simply make your own choices and don't follow/subscribe/view all that illegal, toxic, hate content. You know, the same way you do today by not visiting all those illegal, toxic, hate websites. They still exists though for those who don't share your views on policing content for other people.
The women whose boyfriends posted private sex pictures as revenge, or the minorities who will be the victims of hate groups organizing on social media, the children who were filmed while being raped and have their video circulating online, the victims of bullying whose bullies are empowered by other people seeing it and not doing anything to stop them...
You can choose to ignore this when you see it, but the victims can't, and it's for their freedom that I'm concerned for.
Just because it can't be dealt with by threatening the odd CEO or two, doesn't mean that it won't be dealt with some other way. Now, it may be the case that governments react to a change like this and just accept that they can't control terrorism, child porn etc etc. But it would be astonishingly naive to assume that that's the most likely outcome.