Maybe they could be doing a better job than they do currently, but there’s no viable constitutional way to “regulate” Facebook’s decisions about which accounts to ban on these grounds.
It’s generally against Facebook’s interests to ban accounts frivolously. If they’re making mistakes, it’s probably because the kind of policing people are demanding is hard to do accurately at scale, not because they lack some special wisdom a regulator would have.
If anything, the more plausible argument was that platforms’ incentives are to err on the side of NOT banning pernicious accounts, as long as they drive traffic and engagement.
But that is, even more obviously, not something a regulator could “correct” without very quickly slamming into First Amendment problems.
