Maybe some regulations is not bad after all (at least for de facto monopolistic business like Google, Amazon & co)...? ;-)
Many companies like to believe that, however the GDPR is pretty strict in certain regards. And such companies continue to operate only because no data protection authority has targeted them yet.
There's also the matter that many US companies have ignored GDPR due to not having a legal entity in the EU, but unfortunately for them there are trade agreements in place between the US and the EU, which makes the GDPR enforceable for companies having EU users / customers, even without a legal entity in the EU.
Give it time. And send complaints to your local DPA about violations that you see, because it does help.
> We were starting to see a massive push to shift away from FAANG
In my experience we were/still are seeing ever-greater consolidation towards Google/Facebook services. As an example, authentication/login with Google and Facebook is becoming the default on many web services, excluding users who may have deleted or never acquired such an account.
I don't think FAANG is going away anytime soon but the seeds are there. I'd rather these companies sort out their bad side than throw away all the work they've done.