What I'm trying to fix is the current situation where social media companies have carte blanche to abuse their position as the broadcast point to shape the public conversation.
Most people don't seem to see the problem because so far the power has only been used for things they agree with, but consider if it weren't.
Suppose Facebook was run by anti-vaxxers. They manipulate their algorithm so that posts that question the safety of vaccines are promoted and posts that say vaccines are safe and helpful get buried. If someone takes a strong pro-vaccine stance, Facebook bans them for spreading "dangerous misinformation".
Under the current system, this would be perfectly fine for Facebook to do, despite the fact that this could completely warp public perception because Facebook is where a lot of people get most of their information. After all, they are a private company, right? They have no obligation to host information they disagree with. Yet, Facebook could, if it decided to, dramatically shift public opinion in any way it wants to, just by manipulating how information is presented.
The world I would rather live in is one where social media companies are limited to removing information only if it is clearly illegal, by explicitly defined terms (such as child pornography) or spam. The rest should be left up to individuals to decide for themselves.