For your last sentence, though... user data and its utilities are arguably not a "bubble." And as we've seen with AI training, use of data being illegal doesn't really stop companies from doing it. I think we'll have better actual results from governments forcing Apple to let us run our own software on the hardware we buy, as opposed to governments trying to prevent Google, Meta, et. al. from abusing customer data.
A lot of this has to do with the fact that the former is about regulating our rights with hardware, while the latter is about software. Hardware is just easier for governments to regulate. When you try to regulate software, companies will do things like the deliberately-annoying cookie popups we got after GDPR/CCPA, because it's cheap to produce lots of bullshit to experiment with ways around those regulations.