I don't really know much about US politics, but could this recent attack on Facebook be a political move and a power grab? Attack FB so they block certain groups / certain topics and promote what the regulators want? I listened to the whistle-blower's testimony and I didn't hear any reasonable solutions (in my opinion at least; I am a software developer myself). Also, it seems there might be some regulations imposed.…
The left has blamed the election of Trump on Facebook, chiefly for spreading "misinformation".
Facebook should have responded to this charge by asserting they are not arbiters of truth, but they happily took up that mantle.
But it's not enough, and it never will be. The goal is to regulate Facebook into oblivion.
Others may disagree with my assessment of motivation. Plenty other "reasons" exist, all revolving around the specter of "misinformation". See for yourself, the recent bad press about negative impact on children is just the cherry on top.
All of this falls when the standard is personal responsibility. You should decide what is trustworthy, or misleading. You should decide how much time you (and your children) spend on social media.
But the going mantra is that this freedom is "harmful", and must be regulated. That's the end game, and your assessment is dead on.