TL/DR: I can understand social-media companies wanting the protection of 230, but they already have the right to remove content that could get them sued, so maybe we don't need 230.
That they can now take down content is irrelevant to being sued for it. It can't be taken down prior to it being posted, unless you're reviewing everything before it goes public. So the suits happen - that's expressly why a law like 230 is needed.
A mom n pop store that allows reviews of purchases could be bankrupted over a single user review that contains copyrighted text.
230 has flaws that should be fixed, but the concept it represents is absolutely vital to the current internet. The *only* companies that could deal with it being repealed are the big social companies.
If the only people who can deal with the penalty are the ones you're trying to penalize....you might not have a grasp of the problem.