The problem is that big tech and social media companies don’t have competition. They are either monopolistic/oligopolistic or are shielded from new competition due to network effects protecting incumbents. They’re also immense in power and scope and influence.
They’re pseudo governments in that their actions (like censorship) are for all practical purposes, as impactful as an actual government. They’re necessary to our lives and are also utilities in that sense. And so they should be regulated and required to support everyone who doesn’t explicitly break the law, like a public agency.