Even if this bill does something useful (can't tell until the text is available), it will be unpassable in a few days when the Dems take over the House. One theory I heard yesterday is that since most Republicans don't care about censorship, and since the GOPe is one of the forces that wants censorship, this bill is just a bone that they're throwing us that will go nowhere. We'll see.
I know what you’re saying but things are not always as they seem. Lots of Democrats are pretty fed up with social media companies too, and even the great Zuck is starting to be more of an anchor than a propeller. So that’s one thing, then there’s the art of the deal, Trump could possibly negotiate support for this legislation in return for something else - he’s made it pretty clear he’s open to deals but that means he gets something in return for giving up something.
Lastly there’s the political capital that will accrue for 2020 if thing like this are not fixed. Probably one of the strongest rallying points for conservatives of all stripes right now - we may disagree over foreign or economic policy but no one from the right agrees with the censorship, deplatforming, and shadow-banning that has been going on.