I would argue this has nothing to do with free speech. Substack is a media company. They are not a utility where cutting a person off would take away any govern

I would argue this has nothing to do with free speech. Substack is a media company. They are not a utility where cutting a person off would take away any governmental rights to speech. They don't allow sexual content so they are not proponents of free speech at all costs. They've chosen to allow alternative (racist) views, which cause quite a lot of harm, over female nipples, which causes very little harm. It's a very weak argument on their side. Just be little Rupert Murdochs and say you want a private jet and you don't care how you get it.