So, there's a thing that once you look for you see everywhere in these arguments: The giant corporations' first claim is that regulating them will hurt small companies. They say this all the time, about every regulation. Of course, since companies act with self-interest, if it really helped them and hurt smaller competitors, they would be for the law. Claims regulating big businesses hurt small businesses are without merit and should be discarded.
The law has, and can continue to develop, reasonable laws that protect people from frivolous lawsuits. Anti-SLAPP laws are key, and we should continue to raise penalties on larger players using them to bully smaller companies. And bear in mind, the cost of lawyers is... pretty relative to the business in question. If Microsoft and Joe's Blog go to court, Microsoft's spending 300x the cost on their lawyers, and if the case is completely bull----, Joe is still going to win on merits of the case.
Blanket immunity isn't really a solution here, and thousands of people have died over the past few decades of experimenting with allowing it. But I guess those deaths were worth it if it saved someone some legal fees.