The fact that moderation is a hard problem is orthogonal. The fact remains that there are different rules for different people, both for flagging and for content. The fact that there is more nuance than "two sets of rules" doesn't really change the fundamental problem that private companies now get to arbitrarily police publication by normal people.
I have the distinct impression that in 100 years the default mode is going to be "if it's legal you can post it, if it's not you can't, and if you have a problem with the boundary, take it up with the lawmaking authority and not us". We will look back at this time at the emergence of any-to-any publishing like the dawn of radio or TV or newspaper where a few rich guys got to decide what could or could not be published.