Regulations exist to protect people from corporations.
I know Facebook sucks, you know Facebook sucks, but Facebook spends billions of dollars to convince hundreds of millions of people they don’t suck, and it’s extremely effective.
I get the impulse to say, “you should know better than you go to Facebook for important info”, but the fact is, a lot of people do go to Facebook for important info, so it’s critical that Facebook is held accountable to their de facto position as an objective source of information.