Funny how many of the people who only a few years ago weregloating about how private companies can do what they want, and there's no issues with censoring people or spreading propaganda (in clandestine cooperation with the government) are now seeing it blow back in their faces. I mean everybody who isn't stupid knew it was coming, not everybody thought it would come so quickly.
Are you sure that these people were "gloating" about private companies moderating arbitrarily? In the US, this is simply an obvious consequence of the first amendment, as many people have indeed pointed out.
The same people may personally hold wildly different beliefs as to whether this legal situation is desirable or not.
And in European countries, where there is no first amendment preventing the government from interfering with social media moderation policies, the situation is often different, and courts have required social media companies to publish speech which they had intended to moderate; see for example:
No it wasn't that they were moderating arbitrarily, it's that they were censoring opinions and discussions that were deemed verboten and the gloatees agreed with shutting it down. They of course changed their tune about it when something did not go their way.