Personally I think the liability should be on the party submitting the complaint, not the platform. As long as the platform is permitted to reinstate the content after an appeal (which is what the DMCA counternotice safe harbor is about), that's enough. The DMCA framework works well [0], and I would like if it was extended to patents and trademark/counterfeit accusations as well.
[0] with the caveat that the standard for liability for false claims should be lowered, and they should be treated as per se antitrust violations.
Google has been trying to hide behind the "Oh dear our algorithm is experimental and fallible and sometimes it gets things wrong and that's very sad" defence, and it's obviously nonsense. You don't even need explicit evidence of collusion to understand why.
The "failure" of the algorithm has been happening for years now, and Google appears to have made no effort to correct the failure. But the real tell is that these "failures" disproportionately benefit large corporations which Google will have some relationship with - as opposed to small content creators who are disposable.
Ultimately, these actions are not mandated by law. So what's the legal - never mind moral - justification for them?