The fact remains that there is a big difference from merely hosting content and having no responsibility for what users post — and deciding to edit, ban, delete content based upon social/political ideology.
The latter makes them subject to the same regulations that apply to Television/Radio etc. Hence, the operators of Social Media are finding themselves being questioned in Congressional hearings.
If this sort of social media censorship continues, their free-wheeling Internet laissez-faire status will end.
“The latter makes them subject to the same regulations that apply to Television/Radio etc.”
Actually, it just makes them subject to a different set of constraints in the regulations that cover the internet, since we have a specific set of laws for that which are separate from television and radio.