I think there's a vacuum here in that society wants someone to intervene when Bad Things Happen, but we either can't agree who that should be or (more likely IMO) the right choice of person/organization just doesn't exist. So you end up with some people/organizations/governments stepping up to increase their power and/or protect their own interests.
I think this is why Zuckerberg and some other big players have called for laws to regulate these things, which seems counterintuitive, but then FB can pass the buck and is more likely to maintain the status quo where they're on top. But until they are more insulated from the risks, they're going to be forced to defend themselves.
This is also probably why Google is advocating for the privacy sandbox and banning third-party-cookies, and staying ahead of the law tech-wise. Such that when the inevitable regulation of the playing field does come, they are sharing drinks and chuckling with the referees, while the other players are still struggling to figure out what their game plan is.
It's also easier for FB/etc to push for laws to be written when they can pour millions into a PAC to get their ideal language into those bills, if not straight up write sections themselves. They can lobby for fines that are lower than profit from acting in bad faith or anti-competitively (who even knows how much money FB saved by buying out Instagram/etc), they can run their own disinformation or targeted campaigns to sway public opinion, or simply minimize anything on their platform to hide it from users. There's a massive power imbalance there between a regular voter and Zuckerberg/etc, even an imbalance between a regular voters who can or cannot vote early or by mail.
I support regulating these groups but that must be done within the right assigned via the constitution, existing precedent where available, and in depth knowledge of how these companies operate and how the tech influences consumers. It's complicated.
I think this is why Zuckerberg and some other big players have called for laws to regulate these things, which seems counterintuitive, but then FB can pass the buck and is more likely to maintain the status quo where they're on top. But until they are more insulated from the risks, they're going to be forced to defend themselves.
Disclaimer: I too work for Google