Ars Technica: Facebook “Supreme Court” overrules company in 4 of its first 5 decisions
(It's hard to quote just one part; read all of it.)
An interesting experiment. Even if it is a "fig leaf", it might at least be a fig leaf with sharp edges, so to speak. It will not make a difference in most of the unjust actions taken by the moderators, but neither does every transgression in society turn into a court case, and they are still effective.
Whether or not Facebook having this kind of power constitutes a monopoly or not, they have an outsized effect on the exposure of speech. Their platform thrives on turning gaming of the human mind into a clinical optimization problem; a "goal seek" that may have ended up radicalizing hundreds of millions of people, torn apart families and communities, upset the causes of science and education and prolonged a pandemic, with death and suffering in its wake. And they make money, all their money, from this behavior and from its consequences.
They're not going to change, because this is all there is to Facebook. If the trickery and manipulation is stripped away, it wouldn't know what it was, because it quite literally never wasn't those things. But if this dulls the edge of their sword while documenting some of the faults, that might be worth something.