Do implied threats count as coercion? Does a threatening tone? Does someone in a position of power making demands they don't actually have the power to enforce count as coercion? I don't know. The judge seems to think they do.
What implied threats, what threatening tone? What position of power?
If you read the examples cited, nothing even remotely comes close to a layperson interpretation of coercion, and I believe the legal definition is more rigorous, not less.
Therefore, the question is not what decision the social-media company would have made, but whether the Government “so involved itself in the private party’s conduct” that the decision is essentially that of the Government.
The government asking them to remove specific posts and accounts and demote others is pretty clearly that.