All the problem described in this thread could be solved with laws from 25 years ago. Facebook stealing call and contact data? No, they can't do it. No, GDPR was not needed. No, putting a phrase in a ToS that nobody reads is not enough to save a company from being destroyed in court in case of serious wrongdoing. Friendly fraud? Also a crime, just use the existing laws. Calling the users dumb fucks? Not a crime. Manipulating the users emotion or testing the algorithms on users? Also not a crime and I don't see why it should be.
Of course, it's much easier for the judicial system to not bother with those big companies by applying the existing laws. Why risk getting attention from such powerful people? And after all, if they were to apply the existing laws, then the poor politicians would have much less fake crisis to work with in order to expand the role of government and make money.
This is how the whole government thing work. Proved since the beginning of time. Trust them even less than Facebook.