Spot on. Facebook is the worst offender but all of the big platforms are deploying arguments along the lines of "we've built this enormous thing, which is so big it can't possibly be properly policed so we'll have to allow bad stuff to happen (and please don't ask how much money we make from the bad stuff)".
I'd like to see regulators follow the money, back to advertising (which I work in, so a/c). If your adverts appear on something, you're classed as financing it. Piracy, terrorism, whatever, if it's got an ad on it then the advertiser feels the heat from that. We'd suddenly see a huge move from FB, Google etc. towards human-monitored whitelisting rather than pretending AI can effectively police content on the web. The long tail of illegal and questionable content wouldn't disappear but it would be much more difficult to make money from and so disappear back into niches, rather than being pushed to the front by big platforms' recommendation engines.