Im talking about twitter not sure why this confused you
when I say Musk allows how could that be the whole world
Well you could have meant it in the sense of does a free and open twitter have any effect on there world in general? (I assume people have strong feelings on Twitter for it's ability to impact more than just Twitter)
On the actual question you asked, it's an interesting question.
Assuming the standard is "legal," probably lots of porn, weird kinds of it. Other sorts of gross stuff. Legal is a pretty broad category.
There's the question of how much a user's own curation protects them from that. Maybe that solves the issue, and people who don't want to are spared some of that.
What usually happens is social networks start with the promise of being hands off, and then have to run through the various issues tied into that, as people on the internet are often gross/mean/unpleasant beyond belief. If the general tone of a hands-off social media network touch all users, a lot will leave simply because they don't feel good about it and it's not worth their time. And eventually the people running it will tighten the moderation to a point where it's a place some mass of people feel good spending time.
If they stay really hands off, Twitter likely gets more unpleasant and loses users. If not, we'll just have to see where the moderation standards land. (I know some of the alternatives that came around ran into the issue that they slanted to one side of the aisle, and because there was no good faith opposition to troll, it wasn't very fun, especially when the bad faith opposition just dropped by to troll and be annoying)