In the following hypothetical scenario, think about how much blame you would be willing to assign Facebook. It may be none, but they may not be blameless: Facebook's poor privacy practices allow a malicious actor to influence the outcome of an election- they may have only swung a few thousand votes, but they focused on swing states and contributed to the outcome that occurred. This elected official acts in a particular manner, installs a war-monger as national security advisor, who encourages us into a conflict with Iran. Now hundreds or thousands of soldiers end up dying on each side because some malicious actor wanted to make a profit by electing a business-favorable person.
Did Facebook cause a war? No. Did they contribute to a war in some way and cause lives to be shortened? That depends on your interpretation. But I think there should be some regulation, and not the kind of buddy-buddy regulation we're seeing with the telecoms and the FCC right now.
If it were just people trying to sell me things, then the privacy issues and poor control of their data wouldn't be an issue. I've got people trying to sell me things on TV all the time. The risk is the other things that an untrustworthy person can do with this data, that's what I want the regulation and protection for.