Every person I encounter has a Facebook. Even my ~100 years old grandma has one. Not sure what other social media has the same presence in the life of people. Tumblr/Reddit/Twitter are not even close and quite niche in the grand scheme of things.
>nor are they even the most popular among certain demographics.
Of course there are niche websites for some people, doesn't take away from how big Facebook is. Perhaps not technically a monopoly, but their influence is real and there should be barriers so it's not abused.
>"manipulating voters," which isn't always illegal.
Yeah of course, law has had trouble adjusting to the omnipresence of Internet for a while now.
>Is having the government restrict free speech really better than having corporations do it?
The government should not restrict free speech as much as Facebook is allowed to right now. Some laws prevent some sorts of extreme speech, e.g. hate speech, but I'd rather society come to a consensus on what's out of bounds than some corp choose them to cater to advertisers/their bottom line.