Applying stiff financial penalties for allowing kids to sign up for social media sites is another way of saying that you want to have to provide your ID to log in to social sites.
Reddit, YouTube, Discord, and even Hacker News qualify as social sites. I don't know about you, but I don't want to have to start providing ID to log in to everything.
If you think these imaginary laws would only apply to Facebook and TikTok, you must have missed all of the discussion where they've been extended to many more sites with social features. Goodbye privacy!
> If you think these imaginary laws would only apply to Facebook and TikTok
We can literally write "these laws apply only apply to Facebook and TikTok" into the laws.
Or base it on sites that have advertising. Products/services that are targeted to minors shouldn't be permitted to have advertisements anyway.
I don't find "We've done a bad job with X so we should abandon X rather than attempting to do X better" to be a compelling argument on its own.