I don't think it is something that needs legislation.
But it definitely needs more publicity. And if there is something that will bring down "big tech", I think that's it.
"cloud providers" should be treated like something that can fail. We already don't trust hard drives, that's why we have RAID, we don't even trust RAID arrays, that's why we have backups, and we don't trust the place where backups are stored, that's why we have off-site backups. Dropbox (and Microsoft, Google, etc...) is also not to be trusted, just like your hard drive can crash or your servers can catch fire, Dropbox can delete your data. It is not the same mechanism (one is a chemical reaction, the other is a mindless algorithm), but the end result is the same: you lose your data.
But once you take that into account, the value proposition of big cloud providers takes a hit. Often, big companies justify the premium price they ask with reliability. I mean, no one expects companies like Microsoft to go bankrupt anytime soon, and they certainly know about backups and redundancy, but what's the point if all it takes for your data to disappear is an artificial brain fart. Suddenly, the server in your basement doesn't look so bad in comparison, and neither are the smaller companies that actually have people you can talk to.