You're probably right, and the EU are trying at least - but there's also an argument that once "the genie is out of the bottle", there's no way to stuff it back in.

A friend of mine makes a very persuasive argument that Facebook has demonstrated how to manipulate vast numbers of people at mass scale - so much so that shutting Facebook down would no longer make any difference - now that it's known to be possible, it's much easier for anybody else to copy what's public and work out how to make the "private" algorithms work.

A long-ish read, but a lot of that argument is here: https://meanjin.com.au/essays/the-last-days-of-reality/ and here: https://ukvid.net/video/mark-pesce-on-the-end-of-reality-fPA...