On the other hand, have you thought about the difficulties of handling this as a principled parent?
You can either turn your child into a social pariah during key developmental years, or spend hours of your and their lives trying to regulate a device that is designed to capture and waste your attention (something I personally rejected as an equal waste of my time and effort, when I took my journey to no smartphone), or do what almost every other parent does, and just give your kids a smartphone.
I'm not a parent yet, and I don't have any answers..but as a 90's kid I can't imagine what it is like now growing up with access to all the world's information in your pocket.
"All the world's information" isn't really the problem; it's having all the world's bullshit, vitriol, manipulation, and general madness in your pocket.
Social media addiction is something parents need to fix, but corporations are not helping. However, it's not inherently the fault of corporations, just like kids smoking cigs.
I don't blame parents for being overworked, exhausted, and not having the time to devote to their kids due to the factors I mentioned. When costs of living skyrocket and costs of raising kids becomes completely unaffordable, I don't blame parents for working more and more just to put food on the table. They also need their own time to recharge and be able to breadwinners without completely burning out. They aren't completely aware of everything their kids do, or what the cool kids in school are doing (and why their kids want to copy said cool kids). It is the parent's job to educate their kids, yes, but sometimes parents are too late to the party to actually effect change.
I don't blame corporations for acting in their best interests, and the best interests of their shareholders. Businesses have to make money. Not everything in the business world has to be ethical, good for society, or morally just, no matter how much we'd like it to be.
There is no magic bullet, but imposing restrictions on corporations seems to be a good start.