Yes, that allows collusion. Which has historically happened quite regularly any time money or politics are involved, which means we should not accept that strategy.

For some isolated scenarios, that collusion risk may be completely fine. But not for something that is poised to control access to the internet as a whole, or in any way relates to maintaining safe free speech on the dominant public platform for doing so (the internet). People need protection from their government (present and future), or it's not a "right", it's just temporary retroactively-revokable permission.