I understand where you're coming from but I hold the extreme opposite view.

I believe it should be illegal for a company to intentionally allow children into a system where their psychology is manipulated. Instagram has huge negative psych effects, predominantly on young girls. But the other social dynamics, and the effects of advertising, and the effects of the echo chambers that result from the algorithmic feeds are profound and harmful across all social media platforms.

It isn't socializing when every photo is edited, every post that a kid sees is the most dramatic thing thanks to the algorithm, and moral/political activism is rampant and signal boosted. Kids should learn how to deal with real humans in the real world rather than digital characterizations of humans curated by a machine.