Whether or not something is really hate speech is beside the point of my argument. The big tech companies could decide to block speech that disparages Bugs Bunn

Whether or not something is really hate speech is beside the point of my argument. The big tech companies could decide to block speech that disparages Bugs Bunny and the point would still hold. Without ISP-level neutrality, competition doesn't provide a check on the existing "big tech" companies foisting their moralism users who disagree with it.