The mistake is thinking that regulation and removing the free internet is going to harm those corporations you dislike and leave the smaller sites untouched.
The more regulations are added, the harder it is for anyone other than the multibillion dollar corporations to set up the infrastructure needed to comply.
That small forum you visit and the chat space you hang out in have to geo block your entire region because their operator can’t take on the legal risk of accidentally violating one of the laws. You are, however, free to move the group to Facebook and continue your group chat on Discord after submitting to the ID verification process of both sites, however. Those are the sanctioned safe spaces that have teams of lawyers and developers ensuring compliance with the laws.
This is the future many here are inviting. They don’t see it that way because they’re imagining laws that say “Kids can’t use Facebook” but the actual laws are going to be written to say “Social sites that host user generated content must ensure that all users are over the age of…”
If a big player in a space is asking for regulation, always treat it as them pulling the ladder up to make things harder for new upstarts.
As an example, look at what Anthropic's response to the US making them pull Fable. They commended the action and said they believe there need to be permanent regulations around safety of released models with approval committees and mandatory testing.
They aren't recommending it purely because of safety, they want to add expenses to their competitors without so much money to burn.