So what about the countless number of people whose livelihoods depend on social media in some capacity? They're supposed to just be fine with being irrevocably fucked over until the moral panic about social media subsides? (or, in your words, "we decide what is good for us all")

Where does the small business owner who depends on a social network factor in as a "stakeholder"?

Drugs, sugar, cigarettes are measurably and objectively harmful to your health and that's why they are regulated (or should be).

There isn't similar comparable scientific evidence that social media is nearly as harmful except for questionable non-reproducible psychology studies, so I don't think it's comparable at all.