It’s all common sense to most conservatives and all libertarians, but using the recent furor over a UCLA student’s anti-Asian video as a jumping-off point, Eugene Volokh makes some good points:

I should note, just to anticipate one common response, that as with much idiocy not much would be lost to the First Amendment if this particular sort of statement, and only this sort of statement, somehow magically vanished. I watched the video, and it’s nonsense.
But the same rationale that would justify punishing a student for this video would equally justify punishing students who argue (on video, in newspaper articles, or what have you) many other things. If the theory is that the speech can be restricted because it somehow creates a “hostile educational environment” for a particular group, the same could be said of statements that — just to give a few examples — (1) immigration from some countries should be cut off because immigrants from those countries disproportionately have certain bad traits, (2) there are sex or race differences in intelligence or temperament, (3) homosexuality and those who engage in it are immoral, (4) fundamentalist Christianity / Catholicism / Scientology / atheism is an evil belief system, and that those who adhere it are either evil or stupid, (5) that American Jews are morally complicit in Israel’s supposed crimes, and a vast range of other speech.
The premise of the American university (and, I think, American self-government more broadly) is that people need to be free to express their views, whether the administrators and others see those views as morally right or morally wrong, so that social and political decisions can be reached based on actual discussion, and not mere force — and so that we can be confident that the things we believe are wrong are indeed wrong, rather than just that they have become unquestioned orthodoxy because challenging them can get you expelled. And to implement that premise, boneheaded statements have to be as protected as more well-reasoned statements.

The FIRE statement on the incident, which Volokh also references, is here.