This is arguably more dangerous than government censorship. It would be easier to hold the US government accountable. Instead, we've got a small group of private tech executives who hold a near-monopoly on the communications infrastructure running half the planet, and they're using their power to remove content from millions of people who had absolutely nothing to do with storming the US capitol or inciting violence.
The scale of these tech companies gives them a frightening amount of power concentrated in the hands of a few individuals, and I don't see this monopoly getting broken up by market forces any time soon. Maybe the government can't throw you in jail for expressing unpopular opinions, but the tech companies can shut down your entire social network and basically freeze your assets by shutting down payment processing. Google and Apple suddenly don't like your pro-Hong Kong independence views? Bam, now your smartphone is a brick. Good luck finding an alternative.
At this point I don't know what the better solution would be - more aggressive antitrust laws, or more comprehensive classes of protected speech, or an overhaul of section 230 - but I do know I'm not comfortable with the status quo.