I generally dislike banning things because a few individuals can't handle it. Punishing those people that have self control seems ridiculous and I hate sin taxes for that reason. However, I think putting restrictions on stuff for younger people that don't have fully developed brains seems perfectly reasonable. If you're under 18 (21 in some cases) you cannot drink, smoke etc. Social Media should be treated the same way.

Unfortunately, laws can only do so much with out invading the privacy of citizens so it's really going to take a large campaign similar to anti-smoking ads in the 90s to get the message out about the cons and parents will HAVE to put their foot down. Although, it seems like a certain portion of our society thinks children should be allowed to make decisions themselves nowadays so I expect backlash at the thought of parents actually stopping their kids from harming themselves.