Section 230 is very important for all website operators. It doesn't just protect big companies. If you repeal it, now you're making every blog owner responsible for whatever some idiot says in the comments section.
The real problem Section 230 was built to solve was the prevent email companies and places like Flickr being burned down by the feds for all the child porn in inevitably ends up holding.
Section 230 is not what allows Facebook to push lies.
Eliminating section 230 will fix the problem though, by banning all user generated content from the internet forever. No more SaaS in general.