I am convinced that no one will make any progress on this issue so long as they refuse to understand that their aren't a group of shadowy figures pushing for this but rather a sizeable chunk of the general population, buoyed on by various moral outrage interest groups including a great many HNers who have been happily stoking the narrative that social media is the cause of every negative statistical ill.
Who wants this? God damn everyone. And in so much as Facebook might do something with the data, what they really want is a legal moat of sufficient depth to drown possible competitors.
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In fairness (i.e. looking at the data with an open mind), social media does seem to be the cause of (or at least strongly correlated with) a bunch of ills.