That doesn't mean regulating them like common carries is good or workable, but we need to start by recognizing that there are first amendment claims on both sides now.
"Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances."
Let's please not make the mistake of saying all issues that relate to freedom of speech are First Amendment issues.
The problem is when government and social media actively collude to side step the government’s responsibility to the first amendment…the government has dragged the social media companies into first amendment territory.
You have two ways of handling this: one…have the government police itself…which it won’t do, because it is already actively trying to find ways around its responsibility to freedom of speech; Or two, start lawsuits that expose the collusion and start making it expensive for social media companies to collude with the government to censor.
The government's responsibility to the First Amendment is "don't make laws that limit freedom of religion, speech or assembly". I don't know what it means for government to collude with a third party to side-step that responsibility.
I look forward to see how cases that go to the Supreme Court are going to be handled. I personally believe that a private business like Facebook has the right to control content on their app/website.
Of course, they're unlikely to behave so blatantly, at least initially. They're more likely to just sort of hint at how anti-trust prosecutions might be started or not depending on whether the platform follows the government's "advice".