With Facebook and other "free" services, you are the product -- not the customer. Stopping this is very simple; just don't agree to be the product anymore.
No one needs a social network. There isn't one compelling reason for anyone to join one unless you are a shareholder. You don't need the government to protect you from social networks or fix their ills. You need to delete your account and take personal responsibility for your complicity.
No, you are a supplier of a key input to the product.
Don't ask government to save you from this when you can delete your FB account by yourself and get out of the game.
There isn't one personal or commercial benefit to FB or other social networks which has not already been solved by other technologies.
> Your personal information [...] is the product.
I am not my personal information.
> you can delete your FB account by yourself and get out of the game.
Not really. https://www.techopedia.com/definition/29453/facebook-shadow-...
FWIW, I have a FB account, never initiate friend requests, log in rarely, post ~never. I make no claim that this is the "best" strategy by any particular metric.