If social media companies can engage in coordinated bans on people and thoughts they do not like in violation of fair and equal access, then why can the democratically elected representatives not do the same? At least the people doing this were elected by the people, when social media companies do it they are unaccountable and just impose their own personal biases.
And before we go down the rabbit hole of "they are private companies they can do whatever they want", tell that to a restaurant that does not want to serve a minority, or a hotel that refuses to rent a room to a female. Private companies that hold themselves out as places of public accommodation are regulated and may not discriminate.
