This would never work because Facebook is uninterested in making "the whole system better". Their entire goal is to make money off of user data, and they have zero incentive to work with governments that threaten that goal.
This appears to be deliberate and I am happy about it.
Any internet-related law actually increasing privacy and harming tracking/spying/personal data gathering was going to harm FB. If it would not, then it would mean that it is toothless and useless.
And yet, this is exactly what they do repeatedly [1] [2] [3].
1 - https://www.vice.com/en/article/889pk3/facebook-threatens-to...
2 - https://www.exchangewire.com/blog/2022/02/08/facebook-threat...
3 - https://www.niemanlab.org/2019/01/google-is-threatening-to-k...
(Spoilers: the reality of the “threatens to leave Europe” headline is a much less click-baity “lists ‘leaving Europe’ as one of many possible paths to take, but one they would prefer to avoid”)
This seem to be exactly the sentence one would use to respectfully threaten someone else (try it with a different theme, it might be clearer: "we are exploring all possible solutions to the conflict, going nuclear is just one of the way but one we would prefer to avoid")
> Facebook has invested billions of dollars in building and developing a platform according to their fair reading of that law.
It's valid to say "Facebook isn't the one who should be expected to have citizens' best interests at heart", but the incentives of regulators and Facebook are absolutely aligned in that both are looking for a law that will be followed.