Just because a company is "private" doesn't mean they can do anything (manufacturing illegal goods, selling things that are harmful, not hire a certain category of people, etc.) We could add to the list of illegal behaviors the fact of denying service without justification and recourse.
Secondly, when those companies confiscate our accounts, they deprive us of what we had stored there (emails, messages, etc.), which should be considered stealing, even if they don't directly profit from the steal.
But most importantly, the size of these companies make them akin to utilities; while not impossible, it's incredibly difficult to operate in today's world without a Gmail account, or in certain circles without access to Instagram, Facebook, Discord, etc.
Given the impact to someone's life to be deprived of such access, the decision should not be left to companies, "private" or not, but supervised public authorities.
In France, the fact, for a professional, of refusing to sell something for no reason is punishable by up to three years in prison[0]. (If the victim sues, the reasons for not selling have to be presented to the judge, who then decides if they're valid or not.) I don't think this has ever been used against a FAANG but it would be a very interesting test.
[0] https://www.economie.gouv.fr/dgccrf/Publications/Vie-pratiqu...