Totally.
Ideally it'd go like this:
Offer services for free (eg cross-subsidized by another business arm) in order to carve out a gigantic kingdom with millions of users, smothering any competition (only few use an indie email provider when there's "free" email, only few try to make a stand not using Whatsapp in whatsapp-saturated locales), and... Congratulations, now you've become too big too fail! And now you'll be treated as such. You're a critical part of society's functioning, and are to be regulated as such. Whether by accident, whether intentionally, whether it's because you're simply awesomely innovative or maybe you just massively cross-subsidized from another business branch, is irrelevant.
Once market capture has reached a certain point, yes, you need a physical grievance office, with state-backed arbitration/escalation. For instance.
Maybe you also can't just change the TOS anymore just like that, making people choose between coordinating a hasty move of the families' 4 TB of photos to... ? and being slowly boiled while $BIGBOY AI-trains on the family photos.
As a big boy, don't like this kind of regulation? Just shrink by selling off some business arms. Or stop hooking people by giving out "free" stuff. Or maybe don't base your growth strategy on gatekeepership and moats.
I surmise that big rules for big boys (while not burdening small players, thus, differential legislation) will actually massively help competition and innovation. But even if it doesn't — government, by the people, for the people, should get the final say in how we let citizens be treated. People with beating hearts over emotionless corps, always.