As nice as this is on paper, it will never happen, lobbyist exists. Not to be tinfoil hat but why would any lawmaker slap the hand that feeds them.
Until there is an independent governing body which is permitted to regulate over the tech industry as a whole it wont happen. Consider the FDA, they decide which drugs and ingredients are allowed and that's all fine. There could be a regulating body which could determine the risk to people's mental health for example from 'features' of tech companies etc. But getting that body created will require a tragedy. Like why the FDA was created in the first place. [1]
That's just my 2cents.
1 : https://www.fda.gov/about-fda/fda-history/milestones-us-food....