Edit-We’re going through a period of media outlets and whole media segments going bankrupt and out of business. Meanwhile FB is the F in FAANG stocks-amongst the most valuable companies on the earth.
Facebook revenues are EUR 70 B / year, tax receipts in the European Union (EU-28) are around EUR 6,000 B / year. Facebook is a gnat, but the press somehow manages to convince people that the former is a larger threat than the latter because it's not elected.
Given their power in mediating human-human communications at every scale, It would be an act of colossal self-harm to allow them to act opaquely and without constraint.
The exact nature of oversight and constraint is an evolving question, but I'm very confident the right answer isn't “none”.