What I think should happen -- and what is actually happening -- is fake news, anti-science propaganda, bigotry, conspiracy theories, and other things you might consider to fall under the umbrella of "hate speech" are being deplatformed by the big social media players (Facebook, Twitter, YouTube, etc.), and migrating to alternative platforms (4Chan, 8kun, Gab, etc.) that employ minimal or no moderation.
ImgFlip falls somewhere in the middle, IMO, with content moderation of the very most toxic/violent political speech (like Neo-Nazism) but pretty permissive otherwise.
At some point the government might step in with anti-trust measures and decide some of these issues. It's an extremely vital topic in this day and age.