How in the world will it make it better? You're complaining that the government is (corruptly and illegally) forcing these companies to do their bidding. If you give them a bunch of regulatory power over these companies, it will only be easier for the state to bully them. Legally. How can you not see that?
Have you considered that the "imbalance" you're fixated on might just be the way things are? That most people just don't like the whackadoodle shit that Trump puts out there? That they prefer FB censor it, rather than have to see it in their feed?