This is how I see social media. (I realise a lot of HN folk work in this area)
These CEOs brought social media into our world, and I expect them to take resposibility for it. If they are unwilling or unable to take responsibility, then I'm OK for The State to do that for them - like you said with regulations. Currently it looks like they don't want to take resposibility for the destruction they have caused.
Sorry for the rant - but I'm seeing first hand the negative effects of QAnon/Consipracy Theories/Extreme Politics within family members.