It's a social media platform, of course they need PII.
We need to relax all laws. Our laws are unbelievable cruel. Business are expected to follow so so so many bureaucratic laws. To fine them 2.6% every time they break one is insane. Imagine how many countries there are out there, how many business laws there are, how much they have to comply with.
A lot of these companies already operate on extremely thin margins. This can destroy companies. It doesn't make sense.