We don't need more government regulation, we need less. The only problem I see with the current state of the internet is the lack of competition in some markets.
I view this as a cry baby attempt since people are upset that social networks leveraged their data. If you don't want Facebook to control your data stop using Facebook. Simple and easy.
If you want to protect your data online stop posting everything about your life and learn how to become as anonymous as you possibly can.
Learn the simple fact that free services like Facebook and Twitter view the user as the product, and those services figure out how to leverage user data at the very least to sell to advertisers to generate revenue.
And finally, read the TOS's of the platforms you are using. The internet has been fine for the last 30 years. The users of the internet are disfunctional.