Yes. Let me compare FB to a phone company. When telephony was first invented, it quickly turned out to be addictive to a large chunk of humanity. Did we leave it unregulated? No, we didn't. In fact, there was regulation stating that telephone conversations may not be eavesdropped by telephone companies. Other regulations allowed other companies to be active on the same network so people could call eachother, regardless of their operator.
But somehow, we think that these types of regulation should not apply in this day and age. Strange.