> Except social media as a concept isn’t the issue. I’ve been bullied before social media was mainstream.

The differences with bullying via social media are: the difficulty to escape it in space or time as well as its reach. I don't think we can argue that social media is not an issue on these fronts.

> A little later in life, when internet as a whole was majorly taking off, it helped me actually socialize.

I agree, but I also have to wonder if the nature of the Internet has changed to the point where the benefits are secondary to the costs. In the early days, it was far easier to access the positives and far easier to ignore the negatives since we made explicit decisions about where to go. While you can still do that today, by avoiding social media, it is far more difficult. The mainstream has consolidated to the point where you pretty much have to isolate yourself to avoid it. Much of what mainstream social media sites provide is pushed to the user in some for or another. On top of all of that, the online world had far less reach in the past. At least when I was younger, the bullies simply didn't go online and while exploitive people were online there seemed to be far fewer of them.

As for the Internet wide surveillance: I don't think that is the driving force behind the current regulations. We already have Internet wide surveillance. That is why your proposal is all the more important, the bit about moderation and scrutinizing big tech, because we let them get away with far too much.