CNs are vastly superior to the NGO swamp Facebook have been funding for the past decade:
1. The CN community focus on the ordinary boring stuff that NGOs ignore. A huge number of community notes are highlighting financial scams, obfuscated adverts, stuff faked for viral engagement and so on. They aren't political but this is the bulk of what needs fact checking on social networks. Because they're crowd sourced, CN posters are incredibly good at this and easily identify obscure videos or pictures that have been taken out of context (or indeed AI generated). In contrast the ecosystem that FB funded seemed to focus primarily on contentious political claims.
2. To go live a CN needs agreement from people across the political spectrum. The algorithm behind this decision is quite smart. It's reminiscent of the old Slashdot meta-moderation system, for instance you are asked to rate notes across multiple different criteria that come with objective definitions. The result is that CNs are almost always written in a neutral style that just briefly presents facts with sources, and the extremely biased "fact checks" of the sort that have been embarrassing Facebook for years are basically absent. By the nature of the system sometimes bad CNs appear briefly, but they get fixed quickly.
3. Because it's algorithmic and anyone can write notes, it doesn't discriminate in favour of the rich and powerful. Elon Musk gets community noted, he even sometimes just posts stuff and then asks CN specifically to check it. Facebook's "fact checks" were written by the sort of people who simply assume academics, civil servants and activists are always right, with the result that they never fact checked such people even when they were saying things that were completely wrong.
4. They are much more concise.
5. Even the name is better. They don't claim to be final judgements of truth, just notes created and voted on by an amorphous community. This is a much more defensible claim: much of the scorn towards fact checkers acknowledged by Zuck is because they claim to be "checking facts" but often just pick fights or try to block true facts they don't like.