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Free Speech: Why would we limit it?
First and foremost, you can't yell "fire!" in a crowded theater. This example is widely used mostly because it is both so succinctly put and illustrative of the point.
Second, hate speech can inspire violent acts and is very often targeted against marginalized people for populist gain. We need to limit hate speech. If you don't want overt rules against it then make an effort to limit hate speech socially in your everyday lives. If a person isn't working to limit hate speech socially (in everyday conversations) and is *also* against having overt rules against such speech then we often think this person is advocating not for free speech for merely *for* that particular ideological hatred.
Third (and the one that we should probably spend the most time discussing), technology can greatly overwhelm legitimate efforts to tell the truth. It takes a lot of energy and resources to fully debunk a fictional claim that is masquerading as reality. When technology can broadcast every poor idea at scale and avoid most (or all) of the challenges that should be happening this creates the reality denying ideologies we have now. Free speech allows flateartherism, antivaxxers, climate deniers, Qanon, creationists, and incel to survive. Our technology allows them to thrive.
Fourth, this is a protection for the individual and society at large from the tendency of leadership to become tyrannical and overbearing. This isn't a thing that gives one person the right to make another person listen to them. Following the idea and the principles of free speech does not require anyone to avoid blocking someone on social media. It is not a requirement to have to listen to every obscene thing ever spoken.
Links
https://en.wikipedia.org/wiki/Shouting_fire_in_a_crowded_theater
https://en.wikipedia.org/wiki/Brandolini%27s_law
https://www.bbc.com/news/world-53755067
https://en.wikipedia.org/wiki/Pizzagate_conspiracy_theory
https://www.cnn.com/2022/12/15/media/twitter-musk-journalists-hnk-intl/index.html