Emphasis on the AND. There is some correlation between Youtube's popularity and the lack of moderation but that isn't what made them popular.
I do agree on the advertiser's demanding moderation and I honestly don't blame them. If I made a product and I'm paying good money for advertising. I wouldn't want my products to be even remotely associated with anything that might promote controversy AND lower sales. Emphasis on the AND. The companies job is to make money and if that means embracing censorship or decrying it then they'll do it. Hell, they'll even do both at the same time. Advertisers are a leech on society and I hate that I'm defending them. But they pay the bills so....
That doesn't mean that vast majority of users don't want moderation. Every "free-speech" alternative to an already existing platform that I've visited has been complete shit. Filled with nutjobs that couldn't play nice with the normal folk.