Censorship, beyond what’s required by law, is doomed to fail.
So you can lose credibility two ways, one by not doing any censorship because people on the internet will be the worst if you let them. Doing too much censorship is also bad because people don't like that either. Of the big causes of censorship currently, I think of things like youtubes copyright claim process and how that is routinely used as a censorship backdoor by anyone - including the police. Sometimes its not even for any good reason and done by unthinking bots. This is banning more perfectly fine content than anything the government has done. I don't understand why there isn't more pushback against that process to punish people for frivolous claims.
What the consumer wants from those services is "free speech", but with restrictions. They want "uncensored" content with the objectionable bits removed. For some people "objectionable" means spam and pornography, for others it includes certain types of political discourse or content from certain classes of person. If people really wanted uncensored content, the dark web would be far more popular.
The only way these companies can give people both uncensored "free speech" and content moderation is to build these bubbles where freedom of speech is only freedom of one type of speech.
They're stuck in a catch-22, and I can't help but feel like they actually ARE providing the service that we demand from them to the best of their abilities.