Supreme Court to hear case on how the government talks to social media companies
theverge.com
theverge.com
So long as the companies have no obligation to do what the government agents suggest, then I think this is an entirely reasonable "power" to have. In fact, it's one that you can't actually get rid of anyway.
The idea is that TV is just a medium. You can post any commercial or information you want on there and it should be up to the viewer to discern what they want to watch and believe.
Look for example at some of the drug commercials, or if you want to get nitty gritty, look at fast food commercials that have carcinogenic ingredients. This is a slippery slope and I sincerely believe it should be the responsibility of the parent, guardian or mature individual to decide what and when and where to watch content.
That isn't the way TV has ever worked, at least in the US, it's highly regulated by the FCC and commercial claims by the FDA. Arguably, the government is far more hands off WRT social media than it is broadcast media.
You call out the drug ads. They are annoying and questionably ethical, I agree. In fact, they didn't used to be allowed at all! The fact that things have gotten worse in that regard doesn't mean we should just give up on regulating ads on social media, which are far far worse, and do much more harm than an ad for a diabetes medication that spends 25 of its 30 seconds citing every potential side effect.