"How do you expect the 1st party to stay in business?"
Here is a different way to look at what is going on lately in the short history of the internetowrked computer. To me, there is no legitimate "business". Meta cannot charge IG users a fee. They will not pay. If they would pay, then why not charge them. Instead Meta exploits IG visitors by spying on them. Advertisers will pay. Third parties will be interested in the data Meta collects. What Meta is doing with FB, IG or WhatsApp is not legit "business" IMHO, because, IMO, a business generally produces something of value that people pay for. Generally, Meta does not do that.
Newspapers sold advertising, but people were willing to pay for newspapers. Because newpapers produced something of value. They employed people to produce a product that people paid for: journalism.
Meta does not employ people to produce something of value that people will pay for. The content on these apps comes from the people who use them, and from journalists emplyed by newspapers, but not Meta. Meta make people the product, access to and data on which they sell to paying customers. Websites and apps are not "products". In this "business" the people who use them, their behaviour and the details of their lives, are the product.
A kid's lemonade stand looks more legit as "business" to me than a "tech" company producing so-called "products" that are given away for free, as bait. These are not the product that customers pay for, that no one likes to talk about.
Billboards owners sell advertising. They own or lease real estate with high visibility to traffic. It is difficult to avoid billboards because we generally use the same paths to travel in physical space. As such, billboards are regulated. Not everyone with land adjacent to high traffic routes can erect billboards. See, e.g., Highway Beautification Act of 1965.
Perhaps Meta is like a billboard company in a world that has yet to regulate billboards. IMO, Meta is far more of a hazard to life than a billboard is to the beauty of a highway. Meta does more than display advertising to people who use their websites and apps. Meta's "business model" is a threatening the stability of society. If it is allowed to continue, it should be heavily regulated.
Imagine someone telling you, "If you don't like the billboards, don't look at them." Or "If you don't like the billboards, don't use the highway." It is not so simple. Now imagine Meta tells you, "If you don;t look at the billboards, you cannot use the highway".
Meta is obscuring the true potential of the internet. It has given the internet a bad rap. Meta is not the internet nor its potential to improve people's lives anymore than billboards are the scenery. If left unregulated, billboards can obscure the scenery and eventually they can destroy it.