We don't let people build homes or other buildings as they see fit because over time we've realized that the failure of one building can adversely affect the neighborhood.
We don't let businesses handle their financials in any way they see fit because over time we've realized that using a generally accepted set of accounting principles helps avoid cascading financial disasters.
Now, honestly, how can you say with a straight face that we should let businesses manage data in any way they see fit because it's "their platform"?
Nonsense, we have an obligation to regulate how data is collected, processed, and used or sold to protect society against the adverse effects of data that is used to abuse.