This reminds me a lot of the special policies Wikipedia has developed through experience about sensitive topics, like biographies of living persons, deaths, etc.
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That's deeply concerning, especially when these two companies control almost all the content we access through their search engines, browsers and LLMs.
This needs to be regulated. These companies should be held accountable for spreading false information or rumours, as it can have unexpected consequences.
The organization that runs the website, the Wikimedia Foundation, is also not a company. It's a nonprofit.
And the Wikimedia Foundation have not “spent years trying to get things right”, assuming you're referring to facts posted on Wikipedia. That was in fact a bunch of unpaid volunteer contributors, many of whom anonymous and almost all of whom unaffiliated with the Wikimedia Foundation.
You can't really argue with those facts.