I've had a few conversations online with some people who are still incredulous of what's happening at this very moment. Yes, it's not just right wing opinions being censored, it's all across the board, and the policy is so vague, nobody truly knows how bad it's about to get.

Hate speech
The first time I ever heard the concept of hate speech, I knew almost instantly it would become ineffective very soon. Which is to say, that the concept is so moldeable, so subjective at times, that there was no way that the distinctions would be clear cut in most situations.
Of course when someone is literally calling for violence against someone or a group of people, then it's pretty easy for us to discern, but in a world that seems to adore "the victim olympics", the concept of hate speech has lost all of its teeth.
Today disagreements are considered hateful, which is so ridiculous it's even painful for me to write down with a straight face.
Watching the Watchers
That's the crux of the matter, because we can't really expect algorithms to be objective at all. How is an algorithm to distinguish between someone who is calling out a hateful act, say a journalist reporting on a terrorist attack, and someone inciting or celebrating a terrorist attack.
At least today, with our current technology, we are not able to automate this process, and it seems unlikely that we will anytime soon. But more importantly, since we know it will be flawed, what is the harm this obvious bottleneck will produce? Simply one thing: Control.
Who watches the watchers? Who would be able to know if someone is true or if it's a propaganda piece fabricating consent? You see, if mainstream media becomes a publishing entity, one that "curates" it's content, the escape goat and blindfold are included with the membership.
Ridiculous Policy
This is how it will be implemented, with the most subjective and broad definitions possible as to be able to deny wrongdoing and kick the can further down the road whenever possible.
Why was journalist X banned? Well, he talked about immigration, and that's not something we tolerate. Yes, but journalist X was reporting on 1000 people who were arrested at the border on may 2nd. - Crickets....
Take a minute to read their hate speech policy and tell me yourself. Is mainstream social media on it's way out or not? Will Youtube really survive as "the platform of the people" or are we seeing their mutation before our very eyes?
I think the answer is obvious, and I think the solution is obvious too.