At this point, whoever opposes big tech regulation is in favor of these kinds of abuses happening. Here in Brazil there is a big discussion around this regulation but for other reasons, like the social media algorithms pushing child abuse content to potential pedophiles. The criticism against these regulations are all valid and need to be discussed, because we also don't want to create these mechanisms at the governm…
What kind of regulation do you have in mind? The government controls the algorithm? Then the government pushes propaganda. The algorithm is public? Then what kind of public algorithm? "Sort by recency", "sort by popularity", etc. will be gamed by propaganda-pushers. "Sort by closest friends" is better, but I suspect even it will be gamed by adversaries who initially push genuine interesting content and encourage you…
The law is abused in the US because they have the tradition of keeping the constitution to a bare minimum and govern by precedence and common sense, which as we can see isn't very productive.
So yeah I guess I'm advocating for burocracy for now, at least until someone comes with a better idea. I'd take burocracy many times before corporation abuse.
EDIT: now I see I haven't addressed the main question. I believe that society needs a mechanism to hold big tech platforms accountable for abuse. The speed which big techs can push certain kinds of information through their services is such that the due process, when it works, is only effective after damage is done and by then different accounts and different outlets are already pushing the same kind of disinformation ads. Therefore preemptive removal of this content is necessary. The problem now becomes how to make it so that the universe of content eligible for preemptive removal can't be abused by the current administration. How can we make it so that the Israeli misinformation machine can't overshadow other institutions, but at the same time guaranteeing that the next political party in power can't abuse this system to suppress valid propaganda from the opposition?