Online Safety Bill; what do you think?

Just seen this on a news feed. David Davies has criticised the idea that "Silicon Valley firms could take down posts they think are not politically correct - even though it's legal".

The Index on Censorship magazine and a top media barrister have launched the 'Legal to Say, Legal to Type' campaign to scrutinise and push back against the bill.

I agree in principle but wonder if this could be open to abuse and severely constrain our freedom of speech.