The politicians only talk about regulating content, instead of regulating the algorithm. An error across all dimensions - politically, pragmatically, legally.
I would do these 2 things:
(1) ban all recommendation engines in social media, no boosting by likes, no retweets, no "for you", no "suggested". you get a chronological feed of people you follow, or you search for it directly.
(2) ban all likes/upvotes showing up on public posts, to reduce the incentive for people to engage in combat on politically charged topics
No impact on free speech, everyone still has a voice. No political favoritism. No privacy violations.
I would bet only these tweaks will significantly reduce extremism and unhappiness in society.