> It’s perfectly reasonable to want to set up some kind of publishing company that has user-generated content

Note that under this setup, a forum like HN would be basically impossible to maintain. How would you set up a publishing content that included user content without having a human pre-vet all of that content? And HN has, like, 3 moderators?

The practical end result of this would be that the Internet would split into a bunch of 8chans, and a bunch of TV stations, with nothing in-between. If you care about free expression, making businesses scared of user content is counterproductive.