I think it may actually be a way to empower companies to gain more access to information. If the companies are responsible, then they will want to sue the users for violations and personally identify them. A side effect is that they will have some government agency deciding what is acceptable or not. Much like China.
> If the companies are responsible, then they will want to sue the users for violations and personally identify them
I think you're drastically overestimating the profitability of a single twitter user.
They have hundreds of millions of active users. It would probably be far easier and more cost effective to ban every user that causes them any amount of grief, than to investigate and potentially sue them.
They already ban users. This change would fine companies that ban racists and conspiracy theorist because some conservative claimed oppression of free speech.