Considering the absolutely
massive control corporate interests have over politics in the entire western world, I would say that the rules and laws have been ineffective at best, and downright harmful in a lot of cases.
The fact that MS have gotten a few slaps on the wrist, and that the EU rolled out GDPR to at least try to keep some semblance of privacy, is completely meaningless when you look at the massive profits MS gets from government contracts (through lobbying and favoritism), and the absolute havoc the latest EU copyright reform will cause for any internet-based business not big/rich enough to implement perfect automated upload filters. Funnily enough, Google and FB have the resources, so they're putting up a token protest, but in truth they know they will be benefitting from this legislation.
As for an alternative, you're arguing from a compromised starting point. You assume that we even need individual achievers like Bill Gates et. al., which is highly symptomatic of primarily American individualism and exceptionalism, and to a point also Ayn Randian objectivism. You see it everywhere, people put their heroes on pedestals, glorify them and attribute them great wisdom in all matters, due to their skills in one area.
It's the cult of celebrity, and there is a tendency to glorify the singular great achiever, while completely disregarding the foundations, all of the people who came before and laid the groundwork for progress. We are not standing on the shoulders of giants, we are standing on the shoulders of millions of ordinary people, who each did part of a greater collective whole. No man is an island, after all. No one came to where they are today purely through individual will and effort.
We don't need these massive businesses and we certainly don't need the people at the top, the rent-seekers who extract great wealth from the labor of others. Absolutely nothing created under the rule of Steve Jobs, Elon Musk et. al. created required their presence or even their existence. Innovation and progress doesn't happen on an individual level, it is a collective process.
So what I propose is to abolish to cult of imagined singular achievement, and realize that we can only achieve greatness by collective means, by working together. We may each be individuals with individualist streaks, but as a society we are a great collective of individuals.
What we need is to work together, to collectively own the values and value-creating constructs of our society. When people own a fair share, instead of a pittance, funnily enough their enthusiasm and loyalty goes way up.