Yes, that is my point. Current anti-trust laws are only relevant when monopolistic behaviour leads to a worse product for consumers. Which is not the case for the big internet companies, who use network effects and their data advantages to build a better experience for the user (cheaper, faster, more etc)

The problem is, we have no way of knowing what ISN'T being built or what benefits or new offerings consumers aren't able to access because these companies have created an environment where competition is severely limited.

There's no easy answer here. Consumers are clearly better off being served a better product. Regulating based on the idea that there could be some future benefit that consumers are missing out on because of these monopolies, is a tough argument to make.

Should Facebook be able to buy up all the social graphs? If regulations prohibited them from doing so, would it really hurt facebook? Or would it create an environment with more choice, options and competition?

Exponent.fm podcast has some interesting episodes on this topic. Worth a listen.