The GPDR might end up being bad regulation, but we we're already getting bad results for the average citizen. If the industry wasn't going to regulate itself, and it's hurting citizens, are governments supposed to just stand back and hope it works out for the best? Maybe in a libertarian paradise, but no national government is currently running on that paradigm
Edit: also free speech != No regulations. Companies aren't people and they shouldn't be getting the same rights as people. You can't just do whatever you want to make a dollar and then try and claim free speech protections