IMO tech overplayed their hand. If there's one thing lawmakers don't like, it is being shown their power is limited. This time it was the right, but the left knows it can happen to them next. I feel congress has realized tech has too much power now. The ball has started rolling. Expect heavy anti-trust enforcement, regulations and forced interoperability to erode their power.
I think this (anti-trust enforcement) is much overdue. Social networks need to be regulated in regards to free speech, children and youth usage and advertising, etc., etc.
Regulation of internet advertising is the most important area where regulation is long overdue. Because it's in the end of the day ad-tech's money that drives that whole evil machinery.
Not only that ad-tech created a surveillance infrastructure Big Brother would envy, also ad-tech wants to engage people with their data-acquisition tools as much as possible. All of the widely used free online services build by "big tech" aren't there to serve the users in the first place. They're there to harvest data from the users. Data that can be than used to manipulate the users. This data is than sold (directly, or indirectly in the form "manipulation as a service") to the actual paying customers of those companies. And those paying customers create the initiative for that whole madness.
As long as it stays legal to create, run and / or use "large scale people manipulation tools" nothing will substantially change.
But here lies the problem: Politicians are actually interested in "people manipulation machines". Only that they will make sure they are the ones that control this machine. What we see here now is just the battle over control. Not a battle against the root cause.