EU just wants to have "their" departments sitting in the soc. media platforms offices, shaping what's allowed there along the "party lines". Legality of the content doesn't mean anything if the ministry of truth doesn't like what it sees.
They just miss the days of good old tv stations, radios and printing presses that could be completely captured and they are trying to do the same thing with foreign companies that don't even have offices on their soil.
Of course it's not just the EU.