But I worry more about a heavy-handed overreaction than the present course we're on. In many ways it could be more dangerous to cripple or break up these companies: Fragmenting that data among smaller entities with weaker security is bad. Letting the vacuum (probably) be filled by state owned enterprises from regimes that don't value democracy, privacy or rights is very bad.
Yes, these companies could become an insurmountable runaway evil... but they have a long way to go to get there. The revolt would be even more intense if they were actually trying to do anything other than stay relevant. Which raises the final point... they will eventually stumble, get disrupted, dwindle. If they're going to die, let them die naturally -- don't be preemptive and destructive about it.
TLDR: let's hope for US vs Microsoft, not the break up of Bell Systems