Not quite: prior to the communications Decency Act of 1996 (which contained section 230), companies were also not liable for the speech of their users, but lost that protection if they engaged in any moderation. The two important cases at hand are Stratton Oakmont, Inc. v. Prodigy Services Co. And Cubby, Inc. v. CompuServe Inc.
The former moderated content and was thus held liable for posted content. The latter did not moderate content and was determined not to be liable for user generated content they hosted.
Part of the motivation of section 230 was to encourage sites to engage in more moderation. If section 230 were to be removed, web platforms would probably choose to go the route of not moderating content in order to avoid liability. Removing section 230 is a great move if one wants misinformation and hateful speech to run unchecked.
The former moderated content and was thus held liable for posted content. The latter did not moderate content and was determined not to be liable for user generated content they hosted.
Part of the motivation of section 230 was to encourage sites to engage in more moderation. If section 230 were to be removed, web platforms would probably choose to go the route of not moderating content in order to avoid liability. Removing section 230 is a great move if one wants misinformation and hateful speech to run unchecked.