Having a published content moderation policy would presumably mean that companies are expected to abide by it, which limits their editorial freedoms. Asking a company to be consistent in its approach to speech is still a restriction on its speech. Most people and companies are hypocritical and self-serving when opportunities arise, but that's still protected.

Maybe the reporting law doesn't itself prohibit a company from acting against its published terms, but it sure creates a database that could easily be weaponized against them by a future law or unchecked executive order.