Yes, this is why features like community notes are attractive. But when shit hits the fan these are the features the tyrants abuse the most. The prominence that such a feature gives to those privileged enough to get is too good to not be abused. What starts as an open to the market function becames mandated like the "covid saftey information" on every Joe Rogan episode talking about horse medicine.
The fact that there is a correction mechanism doesn't solve the problem because what matters is having what gets seen by the most people (and most people won't come back a day later to see the retractions if the feature got abused). A person looking to control a narrative will happily pay to drive their point on someone elses wall.