They - or any other social media company - don't have a right to exist. If societies around the world conclude they do more harm than good as they currently operate, it's perfectly reasonable to require them to moderate adequately. If they cannot they can close, or withdraw from that region, and someone else may wish to try. Facebook could employ thousands more to moderate and supervise - without destroying their ability to make profit. Pretending the problems don't exist, as all the platforms have done so far, looks like it's not going to be tenable for much longer.
Not only am I fine with that, I think it long overdue.