A decade ago that would be pure heresy on any tech forum. Now it's (currently) the top comment on one of the top stories on HN.
That said, I guarantee that a government-controlled or otherwise heavily regulated platform would have far, far more instances of benign content removed for violating obscure rules. Once the consequences rise to the level of regulatory violations, the companies will pull content without thinking because nobody wants to risk the fines or worse.
These companies are rushing to self-censor their own content as a way to get out ahead of potential future regulation. Politicians and journalists can, and will, seize upon even the slightest missteps or unpopular comment to lambaste tech companies as evil. This move was definitely a mistake, but it's part of a larger movement to aggressively err on the side of safety when it comes to any potentially controversial content.
https://rumble.com/vtyr34-democrats-are-pressuring-companies...
Due to network effects there is no legitimate competition to YouTube, so YouTube needs to be regulated as a monopoly (unless maybe TikTok has started hosting longform videos instead of just people doing stupid dances).
YouTube can play politics if they want. It isn't a good thing, but life has survived CNN and Fox News and it doesn't get worse than that for biased publishing.
I think of YouTube (and many others) as akin to state media anymore.