The EFF's proposed fact checking alternative isn't even that good. Let's suppose someone makes a post debunking an American myth like sex trafficking statistics. A small group of people might decide to "correct" that.
I get it. No one wants Zuckerberg to be the arbiter of truth, and demoting content based on the say of a random third party org can be problematic. It would also always be a point of friction and contention, particularly when a fact check is considered to be inaccurate.
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Particularly, the more facts that they have to process, the higher the chances there are of things going wrong.
https://en.wikipedia.org/wiki/Scope_creep Scope creep can also be an issue.
For context, I only noticed the newer article after I started this thread.
In that light, it is tempting to promote something like this as a superior avenue to go down (or largely in part), however, this too has it's issues.