Rather than crafting a bunch of specific legislation, I say remove the carve out for arbitration. Open the doors to take them to small claims. If they don't show up (maybe because a $500/hr lawyer isn't worth it) you get a default judgement, which you eventually convert to cash. Problem solved, without adding more bloat to existing laws.

I see no reason enormous companies should carve out exceptions to the legal system. You exchange money with them, that's commerce, it's a contract. This is exactly what civil court was designed for.