1st, it would be a nightmare for a ton of businesses because they'd have to completely redesign their practices. Some would have to shut down.

2nd, this repeal would probably hurt the right more than the left if enforced equally - they do a ton of organizing on fb and parler that tends to be pretty clear about what they want to do those they oppose, and the businesses/hosts would suddenly become liable for this speech.

3rd, this repeal is backed by Trump almost certainly because he wants to selectively enforce it to silence his twitter critics.

4th, McConnell has hinted he may tack it on as a poison pill to $2000 stimulus checks because it will either make the bill a non-starter or a huge concession by Dems toward his "executive unitary theory"/fascist/oligarchic agenda. It would be a win-win so keep an eye out for that.

5th, the more the government tries to censor the more the public will push back. It's like trying to hold the water in a broken pipe with your hands. This nonsense could destroy public confidence in the government for better or worse.