Earlier quoted context omitted.
I think the analogy is strained. But Facebook wields absolute coercion power inside their platform. Banning posts, pages, accounts, and apps without due process or recourse. My parents run a business on Facebook and they have so many horror stories about the times Facebook has completely held their livelihood hostage. Or cut their revenue 10x with a single algorithm update.
Facebook wields absolute power over the platform, true. They do not coerce anyone by exercising that power, though. Everyone on Facebook is on there voluntarily. People don't get to choose where they are born. Don't get me wrong. I don't use Facebook, and I don't think anyone else should either. I would love if there were a (decentralized) replacement for it, and I think Facebook is on the way out.
You can say, well they chose to use Facebook's platform, they can leave if they don't like the rules. But I can also leave my country if I don't like the rules (incidentally, I did this!)
Maybe coercion isn't the right word, but the power is absolute. Greater inside their own platform than the power of the state, because you have no legal recourse with Facebook's exercise of power. At least with the governments in the West you can write your congressman, lobby, sue them, etc.