Honestly, I think “Everything that isn’t illegal is allowed” is fine as long as Twitter only shows me content from people I follow. I think the whole "content moderation" problem is something Twitter has brought on itself. I am perfectly happy moderating my own content if they would only let me.
This is all I've ever asked for. Just give me the tools to moderate for myself / choose my own filters, and I could not care less who deserves to have what sized megaphone FFS.