It's a strange sort of town square if the owner of the square is allowed to take all your public statements and re-use them in a way that benefits the owner politically or financially. It's even stranger when the owner can also capture all private words you whisper to others in the square, and then use or misuse them as he sees fit.
With those conditions placed on it, it's not free speech. Stay out of that town square. Banning that town square is good for free speech because it will allow its captives to move to alternative spaces which do not have those toxic conditions.
This principle also applies to surveillance capitalist toxins like google and facebook.