The Australian law caused a massive freak-out. A link tax! This will break the internet! It turns out, not so much.
This is great news. One of the most devastating effects of social media and Section 230 is the theft of economic value from traditional for-profit media institutions. These in turn have changed their tactics to a more "clickbait/social media" approach that has greatly degraded their quality and independence, although it reinforces trends in the media that have been there for a long time (decades) just accelerated now.
You see this with once-high-level publications like the Atlantic, the New Yorker, and the New York Times, which are increasingly narrowcasting to a "woke" audience. But then again there are Fox and Breitbart.
Back in 2017, Lee Smith of Tablet Magazine explained what Facebook had done to the economics of news, destroying decades of accumulated experience in senior editors and writers, leading and replacing them with younger, much less knowledgeable, and cheaper scribal neophytes: