When it's at the demand from the white house, it becomes a free speech issue because it's the executive branch that essentially controls what these big bulletin boards are allowed to publish. Furthermore, nothing is for free, so what perks did these big bulletin boards got in return? maybe that administration decided not to proceed with an antitrust lawsuit as long as they complied, we don't know...
"the narrative", who's narrative? Of course it IS a free speech issue when the boss of the country club is the chief of executive branch and being part of the country club is a quid pro quo. Zuck and Dorsey's lackeys back then, they weren't censoring informations unfavorable to democrats or Biden's family for free.
It doesn't matter what exact punishment is applied: e.g expulsion from a country club or a fine.