I do think something must be done, but the notion that it should be the government taking action scares me. I believe, platonically that is the right way for government to act, to take necessary actions to counter predatory behavior.
What scares me is that we chanced into this. Zuck made some brilliant movies but he was the same guy at 22 that thought that younger people were smarter. Notice he wasn't young enough to say that at 32. The people in government do not understand tech. They don't understand how it works, they don't understand where it is going, and they don't understand its ethos. Government right now is dominated by ideologues and demagogues. I'm very worried that any government action is going to end up being something that only FB, Google, etc can do anything about.
Why does the government need to act? Why spend so much time complaining about it on HN? We've been doing that for a decade.