Facebook (and much of social media) is the modern day Philip Morris peddling addictive experiences...except the harm is way less obvious. Folks arent getting cancer, but they are wrecking their mental health. The difference is social media falls under the first amendment and is much harder to regulate. It's a borderline national security issue, too.
I think it’s a plausible argument. But shouldn’t we regulate the whole industry then instead of going after a single company? Also there are clearly some benefits from social media so I wouldn’t want to get rid of all of it. For example messaging doesn’t seem so bad in terms of harm vs value. Or things like Facebook Groups that are more like discussion forums (even HN itself falls under this!)
You go after one company to establish legal precedent. Then you go after the whole industry.