No. Regulatory consequences for transgression are ineffective. They are applied after the fact, when the damage has been done. The abusive company can still delay and disrupt the user, force them through lengthy and Byzantine arbitration and act like total cocks because the fines are fiddling small change.
Instead of punitive measures Facebook and the other social media companies require technical regulation. We need forced interoperability. As a licence to operate, commercial social media sites larger than a few million users will be required to present a standardised API so that you don't need to be a member of Facebook to inter-operate with its users if they invite you to.
It is Facebook's ownership and control over it's users that is the central problem, not any aspect of its quality of service per se. We need to move this whole "walled garden" problem to a new space, in which they are not "Facebook's users", but simply social media users who happen to be able to read/write Facebook assets, amongst many other alternatives that work together.