Leaving aside the merits of the ban for a moment...
This is politically beneficial because Google and Facebook squandered historically broad and strong goodwill, and they made themselves a target in the culture wars.
Google would have survived just fine with its historically light touch on ads.
Both would have been ok without monetizing data collected from users.
Both would be successful allowing users to pick aspects they wanted (e.g., shorts or not), rather than coercing them.
Unfortunately, there's no market feedback for missed future opportunities, and weak positive benefits from PR that dampens and side-steps negative sentiment, so there's no correction.
Had Google taken the privacy tack that Apple did, we might all be storing our most critical data on their servers (given their high data center standards), and thus inclined to do most business on Google cloud.
Both companies have founders still directing a majority of shares. There's no excuse of corruption by short-sighted shareholders.