As for example this recent business with PayPal. A "policy" was announced (and quickly retracted) that stated account holders would be "fined" for the usually opaque reasons, such as "spreading misinformation" – never specifically defined – as if that mattered because PayPal wasn't talking about refusing to provide a platform for the propagation of views it opposes (even if factual).

That being merely censorship.

And yes, it is precisely that when it is done in cooperation with the government, as a way to get around the irritating First Amendment that would otherwise constrain the government. The whack-a-mole nonsense about "private companies" having the "right" to not publish that which is disagreeable to them is precisely that – nonsense – because the "social media" corporations are creatures of the government as a matter of legal standing and simple fact and, moreover, actively work with the government to suppress the publication of that which the government regards as disagreeable.