If rules that effect many need to be written by few, I’d rather those decisions be made with whatever public scrutiny we can muster, even if the lobbying scrubs away much of that effort.
Our lives are already being programmed, so I’d rather the government seize better control, for they seem like the lesser evil compared to the likes of Facebook.
What may actually happen, or at least what I would naively suggest, would be that Congress mandate that Facebook establish a compliance department and/or an office for an Inspector General who would be independent of Facebook and directly subject to congressional oversight.