These two companies have tremendous political power and I don’t think ignoring that and hoping for the best is a great option for an open society.
The other solution could be to break up FB/Instagram/WhatsApp and Google/YouTube to inject some competition back into these markets.
* Both partisans pushing for legislation they can use to beat the other side with
* Monopolistic entities such as facebook that intend to use 'regulation' as a moat - writing legislation that only restricts them from doing things they already don't do
* Incompetent legislators who don't understand the issues - since they were born before colour tv was invented, let alone smart phones and the internet.
And that's before even considering the obvious anti-competitive mergers that have been happening. You talk about breaking up Facebook/Instagram/Whatsapp. Why were they allowed to be sold in the first place.