Note that Trump essentially threatened this the first time around.  His own Department of Justice determined it would require Congress to change Section 230 not to provide immunity from liability to platforms for censoring content they deemed to be, among other things, "otherwise objectionable" (effectively a green light to censor whatever they wanted).

FWIW, I agree with this law as written; but, would also agree that it should be rendered obsolete by ensuring censorship-resistance at the protocol level.