Ultimately the courts determine which speech is "good" or "bad" by interpreting the law, but all property owners can determine what speech is permitted on their property (like what cloudflare is doing).
I accept some limits on free speech. I think you shouldn't be able to start a panic without cause (yelling fire in a crowded theater). I think conspiracy is a crime. I think threats are a crime. I support the idea of copyright laws even if I think our current system is bad.
From an internet freedom standpoint I think this signals we have an over dependence on cloudflare, not that we have a free speech problem.
