Neither of those things is ever going to happen. AI is the goose laying the golden eggs; there isn't going to be sufficient political will to significantly regulate it.
Consumers like it too much to quit. They don't quit social media either, despite proven present harms; not in large enough numbers to cause them to make meaningful changes.
The focus is going to remain on getting features out as fast as possible, to seem indispensable to both of those sets of people. The leadership will tell themselves that if they don't, someone else will.
Don't wait for the AI companies or politicians to save us. We're going to have to figure out how to protect ourselves. The start is to avoid it individually as much as we can, but it's going to take even more.