These Silicon Valley-based corporations are no doubt highly ineffective at moderating content outside of a specific American, Anglophone context. Certainly the Rohingya know the fruits of their failure:
Hmm, that sounds a whole lot like the basis for banings of Parler. Inability/unwillingness to moderate such things effectively.
In the end this is all about some virtue signaling towards their own employees (so that they don't start quitting and are not unhappy) and about money.
https://news.ycombinator.com/item?id=16574370
https://news.ycombinator.com/item?id=15296442