It really didn't prove to be unacceptably destructive. That's an attempt to create a new narrative that sounds moderate and middle ground, but it's not based on anything. Free speech worked out just great and the internet went from nothing to a critical piece of everyone's lives in the span of about 20 years, on the back of more or less pure free speech policies. It's not an accident that the USA dominates internet services and Germany/Austria are left with 20th century industries like cars. That's the first amendment doing its job.