That's a very powerful way to sum up what I've been feeling for a while.
People did lose faith, and to be honest, I can't really blame them. From a layman's perspective, it's not obvious that there's a distinction between "Big Tech" and other so-called "providers of services" (the term itself feels kind of icky) in the internet. Throw the "Tech Bro" term in there and things get even more difficult.
I'm guessing a lot of people never really knew about forums, chat communities and other things like that existing outside of the big social media companies' mostly-walled gardens. Maybe they heard some scary things about 4chan, well, that'll help.
To many of them, it's the little man vs. the big tech companies that skirted regulations for way too long. That there's a possible third party (or rather, category) involved is not obvious from the outside.