In India recently, a TV commercial depicted an inter faith marriage. This enraged some hindu groups and the ad got pulled because there was a vocal online outcry, calls for boycotts, doxxing, etc. The corporation protected itself from the negative externality.

I'm all for it, but I recognise what is also happening as a result.

While in the above case it's the corporation pulling its own ad, and in the Facebook case they're a platform, the end result is the same. Some activist group tells the advertiser not to advertise because their ad equates them to X and X is bad, here are a bajillion deeply offended people.

At Facebook you have employees colluding with activist groups giving them tips on how best they can "effect change" on Facebook policy. Which advertisers to target, which controversies to use in their activism. It's all to bring about the desired political outcome of some radicals - limit the reach of my political enemy or their strongest arguments.

In the USA the religious group doing the activism is not Christianity anymore - back in the 70s and 80s the Christian lobby had the same degree of influence over TV show content. Today there is a secular belief system occupying that same position, with the opposing political party at the helm, much like the religious right of a few decades ago.