Unfettered speech can lead to a cult following which, as we here in Europe know very well, can be extremely fucking dangerous. Which is precisely why some speech will land you in prison.
Germany had plenty of hate speech laws back when Hitler was elected. Still the question that remains here would be: which government gets to decide what's hate speech? Like even if we could have a payment webAPI that could "block" hate speech (not sure how that would be possible), do we go by the standards of the US? Europe? Russia? How would it work concretely?
Trying to discuss the implications of hate speech for something that would be international is asinine imo, the term basically means everything and nothing (when used in a global context)
