What law would you propose? I think the hard part is "Instagram and TikTok remain free-with-ads."
Would ads still be worth enough if they were targeted based on things like what you watch/read/follow/subscribe to on that platform and your general location?
Or can instagram only be free if ads are targeted to detailed profiles of individuals built over decades as they are tracked across the whole internet?
Good riddance to everything supported by ads.
I genuinely wonder if people would wind up spending less money if they had to pay for services than if they get exposed to ads that lead them to buy more things. But either way, once ads and "free with ads" are gone, there's much more room for other competitors.