Yeah, I can't really agree with the Brits on this one.
I think that what might happen in the long term is that different countries wind up with at least semi-separate social media platforms. Trying to create a least common denominator that everyone can live with just runs into too many problems.
https://en.wikipedia.org/wiki/Splinternet
The splinternet (also referred to as cyber-balkanization or internet balkanization) is a characterization of the Internet as splintering and dividing due to various factors, such as technology, commerce, politics, nationalism, religion, and divergent national interests. "Powerful forces are threatening to balkanise it", wrote the Economist weekly in 2010, arguing it could soon splinter along geographic and commercial boundaries. The Chinese government erected the "Great Firewall" for political reasons, and Russia has enacted the Sovereign Internet Law that allows it to partition itself from the rest of the Internet. Other nations, such as the US and Australia, have discussed plans to create a similar firewall to block child pornography or weapon-making instructions.
I mean, I'm not going to have the British government censoring what I can see on political grounds. No way. And I'm sure that there are Brits who are appalled at seeing politically-extreme material that's constitutionally-protected in the US showing up in front of their eyeballs.
And this is just the UK. Like, they're maybe censorious by our standards, but it's not even getting into stuff like Islamic countries and blasphemy law or Russia wanting state control over media because they don't like criticism of the government.
Like, the best you might get is a common platform but with not everyone having the same view of the content on it, with some people having content censored in various ways, kind of like you get on the Threadiverse with defederations. Like, the government gets a kill switch over particular content on the view that their citizens have of information, but cannot disrupt communication between people outside of their jurisdiction.
It's kind of unfortunate, because it decreases the gain potentially you get from leveraging network effect, where the value of the network rises with the square of the number of users.