I appreciate the humility. So rare!
I think that's it exactly. I suspect HIPAA is a model for this, although not a perfect one. It's like holding health data on large numbers of people -- you need to be registered & bonded, and you have to control access to it. Why is data on your friends & political beliefs any less sensitive than your health?
I hope no one thinks I have a whole manual of how this would operate. That would be the result of a large group saying "This sounds interesting. Let's try to flesh it out."
On the other hand, as I said: breaking up Ma Bell took 14 years. Just saying "break up Big Tech" doesn't answer all the questions, either.