And yet the alternative, large corporate interests with no bounds or regulations, is so, so much worse.
The government is chosen by the people. This is not Saudi Arabia. If people do not want May, if they care about being free, they will vote against her. If you care, you will organize people against her to stop this. If you work at an Internet company, you will push them to lobby against her in the coming election; destruction of the Internet will be bad for everyone. Wikipedia should block the UK and show a black page that tells them what is about to happen, then links them to register to vote. You can change the government instead of whining on the internet about dystopia.
A corporation, on the other hand, behaves exactly as you have described, and you will never have any recourse, because the people who own it own it.