Social media platforms tend to argue against these rules for profit motivations. So I can see why lemmy wouldn't be on their side.
But these kinds of laws can also restrict usage of social media in strange ways. Do you want to post politically in opposition to the ruling party? Hate speech. Do you want to post about your minority's opposition? Hate speech. You want to post about how the police came and kidnapped your grandma and murdered your dog? Hate speech.
It's really hard to implement this type of content law without throwing away good parts.