A repeal of Section 230 likely would lead to more content moderation and fewer opportunities for user-generated content. To understand why, it's helpful to look at a dispute that Eddie Haskell had with an adult bookstore 40 years ago.
After Leave it to Beaver went off the air, Ken Osmond, the actor who played Eddie Haskell, became an LAPD officer who had a small family and led a pretty quiet life. Until the early 80s, when he found out that a chain of LA porn stores was selling a film starring John Holmes.
The cover of the film's carton said that it starred "John Holmes, who played 'Little Eddie Haskell on the Leave it to Beaver show.'" Ken Osmond was the only one who played Eddie Haskell, and he never was in porn.
The chain of porn stores sold more than 10,000 different films, and the men who ran the stores said they had not reviewed the movie's cover, nor did they know who played Eddie Haskell.
Haskell sold the bookstore chain for libel, and the key issue for the court was whether the company could be held liable for the cover of a film that it distributed, even though it was unaware of that cover and that it might be defamatory.