The platforms have been shadow-banning (a particularly egregious policy), censoring, and otherwise shaping the content on their sites for a good while now.
At the same time they claim to be merely a 'pipe', conecting content producers, and consumers.
They can't have it both ways.
This 'executive order' is obviously a spiteful, and frankly, unbelievable-that-it's-legal move by this, man, but there is still a germ of truth to it.
For me, tagging content, but still making it generally available, is far less sinister than disappearing it, or only presenting it to profiled users, etc, etc.
IMHO.