It's kind of a ridiculous idea.
Before S230 that was the case: Executing any editorial control risked you being concluded to be the publisher.
Online providers said this is bullshit, we want be able to remove garbage -- lies, obscene material, defamation, etc. If moderating makes us publishers over everything on our site and legally liable, we can't do that. Make us immune so we can clean up the worst of things, and you can still always go after the actual sources.
So I think it only makes sense to the extent that the world before S230 also made sense. But that's a world where sites like twitter probably couldn't have come into being.
Without S230 the law is bizarre because it treated running a public venue as equivalently of being a publisher for everything that happened in it. It would be like if I ran a shopping mall and some member of the public came in and started calling you a paedophile that you could sue the mall simply because at other times I removed other people who were urinating on the walls.