Regarding the "Freer Speech Makes Better Interwebz!" argument...
Look where we are. Look at what a great place this is. Look at the community. This is basically the only public forum I know of where people engage in anything remotely resembling rational discussion of difficult topics. I don't expect discussions here to flip anyone on issues, but it seems like a place where discussions do move the needle in people's beliefs.
Find me a better forum. Go ahead.
Still here? Of course you are, because this place is great.
What makes this place so special? (I've actually been thinking about this lately, because a friend wants to make an online platform for positive discussion. So I'm using the one functional community I know of as a template.)
One of the big things is how moderated this place is. When things get out of hand and a few parties poison the well of a discussion thread so that it's just a self reinforcing shouting match, mods shut that E36 M3 down. If one or two people bear the responsibility, they can put them on time out.
Giving people more freedom of speech to flounder threads doesn't make the speech on the platform as a whole more free. It would mean fewer productive discussions of controversial topics. I know some people here like to bemoan how "this place has changed..." but despite the "no [topic]" rules, the mods actually allow a lot of leeway and really only shut things down when they've become or on direct trajectory to turn into, hot garbage.
This forum is better because it's moderated.
Saw a good speech about how "There is No Algorithm for Truth". The most significant section to this discussion is the bit about "Echo Chambers and Nazi Bars".
I think the other big things that make this place good - we're united around a hobby and sharing practical information, not just a forum for people to vent their spleens with "hot take" opinions. Status here is functional based on actually being able to build, fix, and/or drive well, or provide useful information for others to do so - rather than being achieved by tearing others down. Enough people have met or might meet in person, that we view other people on here as PEOPLE, and not just NPC's on the internet.