230 is only about user-supplied content.
This. I seldom mod-up ACs, but I'd mod-up this one if I had the points.
Frankly, I'm torn on this. The First Amendment of the US constitution protects you and me from the government. It does not protect you and me from each other.
In a narrow context, once could argue that 230 suppresses an individual's right to sue a provider for content on their platform, even if the provider doesn't create that content. And that might be an important right to protect. After all, many platforms allow users to be anonymous, or at least pseudonymous. In that situation, who can you sue if not the provider?
On the other hand, we all want to be able to express ourselves freely online. But there are rules for most online forums, and you can get expelled if you break them. And this is where some would muddy the water on this issue, claiming free speech is suppressed when you get expelled. No, the provider also has First Amendment rights, so they can expel whoever they wish. (Again, the First Amendment doesn't protect us from each other.) And that's true with or without 230.
And finally, others have suggested that governments could sue social-media companies for (user) content if 230 is repealed, thus shaping public narrative about their policies. Well, I don't see how that behavior squares with the First Amendment. Trump has sued major media companies. That sounds questionable, and some companies have settled with the government rather that go to trial, but I think we need to have a trial on this issue to confirm that the First Amendment protects media from government lawsuits.
TL/DR: I can understand social-media companies wanting the protection of 230, but they already have the right to remove content that could get them sued, so maybe we don't need 230. I don't think we should be counting on social media for unbiased reporting of news events anyway. Yeah, I understand that non-government entities with big pockets could put litigious pressure on social-media companies, but they'd have to have standing to even get started with a lawsuit.