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.
But Robert Epstein, who seems to be the main authority on this matter, thinks the censorship and bias is worth several million votes nationwide for the Dems; and they would die before they give it up. (It's both hilarious and frightening that Epstein's experiments showed that the people who are most easily swayed to the Left by Google bias are moderate Republicans.)
In addition to censorship and influencing public opinion, the third big problem with Big Tech is Surveillance Capitalism (data abuse). This is why you see leftists upset with Big Tech. It is interesting that most of the big activists against this form of abuse are leftists. They want this form of abuse stopped, but have no problem with censorship. The legislation for these various issues is completely different.