So, how much do you know about pharmaceuticals, building safety and cows?
We tightly regulate all those industries precisely so that people can rely on vendors and not get hurt, even if it might be more profitable to substitute a few components in a vaccine, skip the earthquake retrofit and ignore whatever animal disease popped up.
And this is without getting into the issues of oligopolies, network effects, vendor lock in and user manipulation/deception by vendors. The companies dedicate entire specialist teams worth of effort to this. The average person doesn't stand a chance without help.
IT in general is really not so special that it should be exempt from governmental consumer protection efforts. Especially since it is one of the most profitable sectors by far, so you really can't argue that there isn't room for tighter controls.
Apple and Facebook specifically are two of the most profitable companies in the world. They can afford it. And if they drop to "merely" being in the fortune 500, that is still completely fine with me. And if some exploitative business models become unprofitable, that's fine as well. That's kinda the point.
And before you argue that it would kill innovation: there is ample precedent for regulations that depend on the size of the company or the customer base.