To a certain degree, this is a problem that Facebook has already taken steps against in the last years.
Remember that Facebook gives you zero access to users’ data just for being an advertiser. This scheme relied on users granting access to an app.
Data access by apps was curtailed two or three years ago to no longer include friends’ data. The permissions dialog has also become far more granular. From my observation, apps seem to mostly respect facebook’s rules on data scarcity, i. e. asking only for the data they actually need.
GDPR will enshrine this principle in law at least for European citizen, and it’s somewhat likely that it will have some effect far beyond the borders of Europe.
Regarding elections, first steps will likely align the law with that for TV advertisement. Clear information about an ad’s sponsor should be required, as well as the selectors used to target you. I’ve also heard some chatter about requiring a public repository for all ads. Right now, there might be waves of, for example, racists ads that never get reported in the news because the targeting never hits those people that would consider the ad problematic. The Atlantic is running a pilot program with a chrome extensions that records all advertisement you see on Facebook for such a repository.
In the current political climate, it’s unfortunately unlikely that the US will lead with new regulation. But there are a few decent agencies in the US that can squeeze a lot of mileage out of laws already on the books (the special prosecutor, and even the FEC). Social media companies are also quite scared, both because they fear a hit to their business, and because most of their excecutive do retain some humanity. You can also expect individual European companies to get out the big guns, seeing Trump and other Russia-backed populists rattling the core of the current consensus on liberal, open, civil societies.