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You’re right, a state policed social media platform would allow all citizens to communicate freely in accordance with what is legally permissible and in line with standards of social decency and community cohesion whilst ensuring radicals are censored for their illegal or unsavoury comments. It could even all be done under the facade of a private company to make people feel less controlled.
I give you WeChat.
Let's just flip this round for a second.
Imagine Twitter exists but it's owned by a right-leaning Jack Dorsey.
Towards the end of Bidens presidency, with six months to go, Twitter decides to have a cull of top Democrat accounts including the president. @POTUS still exists but is heavily censored. They give some bullshit cover reason which doesn't fly at all, but it doesn't matter.
Boden isn't silenced but this massively reduces the reach of his messages. He uses all other platforms but the election is swung towards the Republicans. Being that it seems US elections are pretty tight these days, it doesn't take much to change swing voters minds, and all they see if Republican messages.
Do we want that sort of power in the hands of a private company?