I agree with the principles of this, but as private companies they can restrict what they want basically.
Put it this way, the US government telling US private companies what they can and cannot do, would also be akin to China telling companies there what they can and cannot do. That's the other side of that coin so to speak.
Private companies restricting content is not a 1st amendment issue. You or I don't have the right to post whatever we want here, for example. We have the right to post whatever Dominic is prepared to tolerate. If he decides to ban either of us, he's not restricting our 1st amendment rights. Twitter, Facebook etc. are just mega scales larger.
There's a much wider ripple effect starting to show. Companies are pulling back on donations, Hallmark are even asking for money back. Halsey's book not be published (nobody has the right to have their book published, so again not a 1st amendment right as he's said and as he knows, but hey, stir that pot). The real estate company selling/leasing T'd Washington property have pulled. The PGA pulled their tournament. Parler suddenly finding that nobody wants them - those companies are basically deciding the commercials are not there. Or how about Cumulus Media who broadcast the right wing talk shows telling them what to say, have they previously
, where's the outrage about that?
It is concerning that the Tech companies have this amount of "power" though. But then again, we gave it to them and we ensure they retain it by continuing to use their services.