The most charitable explanation is that Musk believes in the concept, even though it is often used against him and his online friends.
A less charitable explanation would be that some regulation requires it. Maybe the consent decree?
Would anyone who is better informed on the matter care to share an opinion?
Which is true at lower volumes of disinformation but during events e.g. Israel-Gaza community notes simply can't keep up.
And this is the concern that the EU and others have rightly raised.