I think by now roughly half of us grew up in a world where global reach has been simply taken for granted. I don't think it's particularly onerous to say that there should be some oversight on what a business can and can't do in the context where that business is relying on public infrastructure and can affect the whole-ass world, personally
There is oversight. Just not oversight of their UI design and algorithm, which is what people are calling for here. Regulation of the feed algorithm would be a massive 1A violation.
Not sure what public infrastructure has to do with it. Access to public infrastructure doesn't confer the right to regulate anything beyond how the public infrastructure is used. And in the case of Meta, the internet infrastructure they rely on is overwhelmingly private anyway.