Free speech is about protecting people from a government response to their speech, and even that carves out exceptions for incitement to violence, yelling fire in a crowded theater, etc. I know you mention government bans of certain language, but it misses the mark of what we have defined free speech to be, which is protection from government reprisal.

I have to disagree with the notion that we don't have free speech because people face consequences for what they say. Those consequences may be an inducement to behave in a social cohesive or expected way, but even if you wanted to protect people from that, it would require infringing on others rights. The advertisers have a right not to be associated with Musk. I have a right to dissociate from racists. The only way to protect racists from these consequences would be to infringe on my right not to associate with them.