The Oversight Board is fundamentally a bet by Facebook that the legitimacy of its decisions matters—and matters more than getting its way on every question. As other platforms seem to double down on the idea that they do not need to publicly explain their decisions or abide by their own rules when it does not suit their short-term interests, Facebook appears to be making a different wager: Accountability and legitimacy can reassure users—and regulators—of the value of its product. Acting in bad faith would undermine Facebook’s own gamble. Legitimacy, Facebook hopes, will become part of its value proposition.