Hate speech is not a joke. It predates the Internet. It has led to (and will lead to) massive atrocities. Some of the most well understood atrocities of the 20th century (Rwandan genocide, Nazis, Anti-muslim attacks in India, many others) were engineered via hate speech.

Without regulation, Internet tools will be used to (and are being used to) conduct mass scale human political change including manufacturing consent for war, hate, colonialism, etc.

The world is big, and not all centered around the American take on politics (Commies and Liberatrians). It's also much much bigger than "daddy-corporation" and minor disagreements. The Internet is a tool that governments and political actors use for control.

I would very highly recommend reading up on Hate speech outside the American context of "free speech" and the Internet.