You honestly think facebook has no idea that the children using their website are children? The combination of the children's selfies, social network, GPS coordinates, and posts make it very clear. Facebook already knows who the children are and they've been explicitly targeting them accordingly.

we should be removing the harmful aspects of modern social, which are harmful for everyone not just minors, by making them unprofitable or even outright illegal.

Instead we are saying "only adults should use this" which, while technically regulating the industry, places the restriction on users.

We're treating it like tobacco or alcohol (2 industries who have similarly spent millions upon millions of dollars in lobbying efforts) but we should be treating it like asbestos.