I largely agree; although I ‘fear’ that the regulation will take the form of the competition authorities rather than say, a communications authority (FCC in the USA [1], ACMA in Australia, relevant bodies in European nations). Why such a ‘fear’? Because it is the wrong way to regulate in my opinion and proves that the ‘horse’ has bolted.
I can’t remember the source but I recently read that Facechook has a PR team of 1,100 (WTF?!) and that even The Zuck (™ pending!) has a personal media team of 15-20 making him look like a Saint. Spoilers: outside of HN and many tech sites, it’s working - even in the light of Cambridge Analytica, et al.
The real issue stems from the fact that very few elected Politicians or Technocrats understand technology and its implications, OR, are too fearful to attack the FANGs as they are very powerful, OR are susceptible to soft propaganda efforts; otherwise known as lobbyists.
It’s clear to me at least that an unregulated Facebook is a potential danger in many parts of the world: USA elections, Myanmar, etc. It obviously has great utility too - hence its absolute success - but the days when Google, Apple, Facechook, et al, say they are not media companies are hopefully in the past.
[1] although not under the current FCC regime!