Old internet was most decentralized but since the platforms weren't scaling up to ridiculous heights moderation wasn't that big of a deal. It was also "gatekept" in a self-selecting way; now, everyone is online. Conspiracy beliefs have drastically shot up in adoption, through social media exposure.

People always had irrational populist and conspiratorial beliefs, but that was mediated by popular media generally not platforming kooks. Now you have the top 10 podcasts allowing people to mainline validation for conspiracies.

I don't see how centralization helps. Allowing (or demanding) that a media provider to regulate more could lead to less platforming for conspiracy theorists and populists.