Are you being serious right now or just engaging in "asking questions" to suppress others thoughts? Why are these types of comments so common on this site? No obviously we aren't in fact talking about making basic code changes, but maybe if those changes are being consistently done that clearly show users getting more depressed or alienated it should be questioned more and finally regulated.
Fun fact, the last data privacy law the US passed was about video stores not sharing your rentals. Maybe it's time we start passing more, after all it's not like these companies HAVE to conduct business this way.
It's all completely arbitrary, there's no reason why social media companies can't be legally compelled to divest from all user PII and be forced to go to regulated third party companies for such information. Or force social media companies to allow export of data or forcing them to follow consistent standards so competitors can easily enter the realm and users can easily follow too.
You can go for the throat and say that social media companies can't own an advertising platform either.
Before you go all "oh no the government should help the business magnates more, not the users." I suggest you study how monopolies existed in the 19th century because they look no different than the corporate structure of any big tech company, and see how government finally regulated those bloodsuckers back then.