But it's becoming increasingly clear how badly compromised the whole thing is with fake opinions and enemy propaganda.
I don't like either of the options. I don't like control by the state, and I don't like control by mad billionaires. I don't like the far right cesspool of 4chan, but can't disagree with their position that they shouldn't have to care about OFCOM.
The governments themselves are "dumber, sadder, and more scared". They are worried because social media puts regular people talking on equal footing to official propagandas (being able to reach everybody else). That's what they fear, because they have the lowest approval ratings and legitimization in over half a century, and they're also making everything shittier and shittier to the benefit of their corporate overlords.
People have control over their government, at least in democracies that are functioning to a basic level (see Hungary recently). But they have zero control over social media, in fact the only organisations that can control global billion dollar tech companies are nation state governments...