The stakes are much lower on social media. If a referee makes a bad call then I might lose the game so it's worth paying for sufficient and competent officials. But when I see offensive content on social media I just block it and move on with no harm done. As a user the value of increased governance is virtually zero.
> But when I see offensive content on social media I just block it and move on with no harm done.
You may be in a minority here. Most people when they see harmful content react to it. And that reaction is perceived as engagement which further perpetuates and strengthen the signal.