Honestly, the world has grown past the need for Meta. I would not cry if it completely shut down, problem is, what will fill the void? It would be nice to have something not controlled by Big American Corporation (or Chinese, or any, for that matter), but somehow I don't see it happening.
What void tho? The majority of people _I know_ below 40 don't use Facebook or any related service at all.
Or European, for that matter. Don't fancy submitting my ID to get access.
Okay but like, you can make that happen. You can just stop using it.
Interestingly I did learn of a niche which is completely unserved except by Meta recently: child-locked messaging apps.
Messenger for Kids basically does everything you want it to - restricted functionality, restricted contact lists etc. I won't use it, but I only found out about it because I was hoping someone had built a Signal client which did exactly that.