But this is often fine if there’s real harm there. Eliminating the harm often outweighs the risk of centralized abuse of power.
But when the harms you’re supposedly protecting against aren’t actually real (the social media hysteria is a classic moral panic), you’re simply creating legal levers for control over all media that is just waiting to be abused by bureaucrats and government employees, most of whom are non-elected. Even the elected Commission has already proven they will happily force through unpopular legislation in bad faith.
People’s naive inability to understand the mechanics of this is astounding to me. You do not grant powers to government that aren’t absolutely necessary because they all power is abused and government power is implicitly enforced via a gun to your head.
Society works on balance of power. The government is part of that balance. Ideally the government serves the interests of people, that's the democracy part. In practice that's far from perfect, but it's still not some absolute evil constantly repressing us.
Both government and private entities have checks on their power in the form of voting (government) or in the case of commercial entities, the market itself (voting with your dollar). Both entities can and do abuse their power.
However, only one group is always granted a monopoly and legally allowed to force you to comply and buy their products at gunpoint (government).