Instead of regulation, I'd like to see the government offer a free service. A digital commons. In this case the public library version of Tinder, with strict rules of who can be banned and where everyone is treated equally.
Do you think the FBI, NSA, etc doesn't already have access to photos posted on dating sites in the US?
By believing in some sort of mythical distinction between private and public business you've created the worst world of all, in which a government can superficially claim its hands are clean, buy unlimited surveillance data from unregulated private firms, without any democratic accountability. You now have the privilege of filling up Peter Thiel's bank account, while Palantir runs a precrime division that your city council has never even heard of[2]
[1]https://www.theverge.com/2021/1/22/22244848/us-intelligence-...
[2]https://www.theverge.com/2018/2/27/17054740/palantir-predict...