You are missing the key bit right after that where they basically scolded the 5th circuit for not having a basic understanding of free speech. They then proceed

You are missing the key bit right after that where they basically scolded the 5th circuit for not having a basic understanding of free speech. They then proceeded to outline in detail why said analysis should almost certainly lead to the law failing to pass constitutional muster. This was not the Supreme Court throwing up their hands, this was the Supreme Court saying "This is basic stuff you shouldn't be getting wrong, try it again." > It is necessary to say more about how the First Amendment relates to the laws’ content-moderation provisions, to ensure that the facial analysis proceeds on the right path in the courts below. That need is especially stark for the Fifth Circuit, whose decision rested on a serious misunderstanding of First Amendment precedent and principle.