One fairly common pattern seen is that companies develop in a nascent space where there were few rules and were therefore able to basically outrun regulation/ the law that moves very slowly. When that regulation eventually comes it ends up solidifying the monopolistic advantage by essentially creating a moat and closing the door on practices that helped create such growth in the first place. I think when stakes are that high, companies are generally rewarded and incentivized to be unscrupulous rather than virtuous, especially when the unscrupulous actors just become wealthy enough to buy out the virtuous ones.

I wouldn't be surprised if we are currently in the middle of a version of this regarding social media and how privacy of personal information is handled right now.