Conservatives that I've spoken with expect that Facebook and Twitter will cease all moderation. This is entirely because they don't want their fake news tagged as fake news or taken down. What goes unnoticed is that Facebook and Twitter also take down videos of suicides and murders, child pornography, and all sorts of other things that conservatives and their grandmothers don't really want to see. An unmoderated Facebook is going to be 90% legal porn, 5% cyber bullying, 2% conservative disinformation campaigns, 1% child porn, .9% videos of people dying and/or being killed, and .1% family/friends keeping in touch. Eventually everyone will leave it.
So someone else will come along and set up the "original" Facebook offshore which is loosely moderated. The gov't will bluff about blocking Americans from accessing it, and threaten to invade the country where its hosted, but won't do either of those things really. Americans will bitch about how slow it is due to latency, but will use it anyway.