The eighteenth-century ideal of free speech in a public forum has now become de-facto mediated by private companies acting in their own interest. Some may believe in free speech more rigorously than others (say Reddit, as compared to Facebook). The fact that the government cannot censor speech matters less and less nowadays, given how much speech now passes through private companies' control.
This statement is misleading. Some public internet forums owned by large corporations are mediated by companies acting in their own interest. Nobody is required to use those forums and many alternative forums exist, other individuals or firms are also able to create their own online public forums subject to whatever speech standards they consider ideal.
> The fact that the government cannot censor speech matters less and less nowadays, given how much speech now passes through private companies' controls
This is not true. The fact that government cannot censor speech is as critically important today as it ever was. It doesn't matter that a lot of speech passes through private companies because that is a free choice made by individuals who voluntarily push their speech through those companies and are free to take their speech elsewhere if they desire. Additionally, censorship or moderation is sometimes a desirable feature of a social media product because unbridled free-speech is sometimes abused in a way that is antithetical to the user experience and thus to business prerogatives.
And when independent candidates run for office and can't get their message out for being shadow banned, and the corporatist candidates are always the number one trending subject, you'll be there to finger wag for not bothering to set up their own world-class content distribution system first.