One could (naively) hope that goliath corporations used their massive lobbying power for good. There was a time, long, long, ago, Google refused to operate in China because it refused to censor itself.

Since no matter how much power they have they won't behave good let's go ahead and regulate the shit out of them and tear them into tiny mangable pieces.

If we had a thousand different smaller federated platforms it would be harder for governments to impose rules on them anyways.