All organizations, no matter if they are public or private, need checks and balances at the top. I predict that legislation will become the de facto check on FB and there will be many negative unintended consequences for the rest of the tech industry, harming companies who are ethical stewards of privacy.
Can you name an organization that you think is an ethical steward of privacy?
The emergence of DuckDuckGo and the excitement for Apple's upcoming anonymous sign-in feature proves there is a massive gap in the market for privacy-focused products.
I'm afraid there will be regulation that will harm the ability for new companies, with a focus on privacy, to emerge due to the increased compliance costs.