We're talking about something far different to if certain games or game play options are available in a specific country.
We're talking about how a social media platform should be run, and how it should be allowed to determine whether a person should be prevented from saying something, or even having access to the platform itself.
How would having individual countries making up these rules for their own country even work? Would Facebook have to ban someone who is in Britain for violating their Hate speech laws, but allow someone from the US to say the exact same thing without punishment? How fair is that?
You run into the same issues if the platforms are regulated by the laws of the country that they are hosted in. Just take this forum for example. It was originally created in the US, it has Head Admin from the UK, and I believe that its server is currently located in Sweden. What rules does it have to follow? If a platform was hosted in China, then should US citizens on it have to obey China's laws on speech? How about what happens when the company is in head-quartered in one country, but has its platform on servers that are hosting it worldwide. What about companies that have multiple HQs and servers worldwide?
This isn't really such an easy question to answer is it?