An outright ban on intentional deception would be unenforceable, lead to self-censorship and do nothing to tackle the disinformation plaguing social media
Technically truth is just the commonly accepted answer and not an objective fact of reality. It doesn't have to be a fact, or even real. Just that the majority of people think it is.
I mean, there's probably still something that can be done to at least enforce liable laws on politicans. The mud slinging on both sides is extremely tiresome every election and is one reason people disengage with politics. Other countries have this, and so did we up until Reagan.