Public and media speech was always moderated. In the past it was simply harder to notice since there were fewer un-moderated channels.
Beyond the hardened strawmen of actual written law, we have a shifting sense of what is publicly acceptable. Given that most people do what everyone else around them is doing, or at least what they believe others are doing, there exists a powerful tool in that to control the public discourse. We've gone from "I disagree with what you say, but I will die to protect your ability to say it," to "I think someone will find this offensive, so I will also find this offensive, despite my not knowing anyone who'd actually be offended by it."
The laws are a harder target, so those who would wish to stifle inconvenient discourse likely would find it easier to convince a mostly pliable, trusting public to not say the things they don't want said. That there still are a small number of companies controlling what a majority of people consume might be convenient to this.
All conjecture, of course. More of the Paul Harvey "If I Were The Devil" kind of thing.
Can you help make sense of your comment, because it seems to be closer to a cult chant than a connected chain of thoughts.
However, if you admit this, then you must also admit that Twitch is fully within their rights.
Personally, I believe that the positive right to free speech (subject to exceptions, of course) is much more important, and not up to FAANG to decide.