"Section 230", as justification for government lording it over social media sites, is a just a convenient excuse. Once again, conservatives are using liberal tactics against liberals. It's basically a rehash of "you didn't build that". They insist that, because social media companies presumably benefit from Section 230, they are obligated to host state propaganda, obligated to knuckle under to the mandates of government. Which is why I think they should just get rid of the law and let the courts and lawyers sort it out. Just to take away the excuse, if nothing else.
There's a similar a law, here in Colorado, "protecting" ski resorts. Skiing is a dangerous activity. Personal injury lawyers have made entire careers out of it. Eventually, the state got tired of its courtrooms being clogged with such cases and passed a law to streamline the process. They spelled out exactly what ski resorts were liable for and what was on the skier. Mostly, they followed the precedents and criteria that courts had already been using to resolve these cases, but codified it into law to reduce the amount of "haggling" in the form of court cases.
The important thing here is that, despite the common characterization, the law doesn't "protect" ski resorts. It's just a convenience for the state, to cut down on repetitive lawsuits, all covering the same issues. If it were repealed, things would go back to the way they were (ski resorts did just fine before it was passed). The resorts would create liability waivers to cover their risk, and there would be more lawsuits. The courts would revert to using the precedents and criteria they'd used previously and life would go on.
The same thing would happen if 230 were repealed. The courts aren't going to destroy social media or the internet - because people want and value social media and the internet. The social media companies would amend their service agreements as necessary. Courts would establish precedents guiding associated lawsuits, and life would go on.