We almost got there with TikTok. Almost...
Not really. The TikTok ban was rooted in national security concerns. The coalition that brought it forward would not be useful for regulating social media as the drug analog it is.
I don't see a brilliant move in America. (There is an a brilliant opportunity in the EU, Canada and Mexico to recapitulate the TikTok bill's rhetoric and structure, aiming it at both China and America.)
It really wasn't. But I agree that this was a popular take. (Funnily enough, the rumor helped shore up the bill's polling among Republican-leaning voters. And once it was up, like, yes, rule number one of politics is you generally don't say no to votes.)
The EU going after Instagram and Twitter would find its own stable of bizarre conspiracy theories.