Earlier quoted context omitted.
Section 230 doesn’t give social media any more power than they have under the first amendment. It is simply a shield from nuisance lawsuits.
It does though. For example, it gives them the power to refuse to remove false information without being held responsible for it, which the first amendment does not give to publishers like the NYT.
Newspaper publishing is opt in; that is, anything published they chose to publish.
Websites that allow third parties to post content on them is opt out; that is, anything published did so without initial moderation.
If a website operator posts their own statements, they can theoretically be found to be libelous. They can't be held accountable for posts by other people. Newspapers potentially can (though I've never seen a court case where a newspaper was sued for something in the Opinion section), but they -chose- to publish that item.
Realistically websites should be thought of as a public bulletin board. Should you be able to sue the person who put up the bulletin board, for content that was posted to the bulletin board by other people?