If Facebook needs to enjoy an AT&T style monopoly on connecting people, they need to submit to being under a regulatory thumb.
Instant feed-based communications with varying levels of follower/friendship levels is a new technology provided by many organizations. Some are massive monopolies and others are indie apps, it doesn't matter but the tech is not going away so yes, we the people will need to learn how to deal with it.
Unrestricted broadcast access was understood as a problem with radio 100 years ago. Society controlled that with a regulatory stick and will likely do so again.
If you're comparing to radio then it's back to talking about the medium instead of a specific company and the same fundamental problems are inherent in all of them because of the social feed concept allowing for instant communications spread through a graph of connections. We've never had this same model before. Radio had interference and physical limitations but digital networks allow ideas to spread with infinite capacity and following 1:1 conversations until they reach everyone.
Sure Facebook has made their own tweaks like every other network, and maybe regulation can solve some of those issues and get everyone to the same base utility, but that's going to be a very hard battle that's limited to certain regions and doesn't affect anything about the underlying communications concept.
We still need to learn to live with social media regardless of who is providing and in what variation.
There's no use in trying to argue why something shouldn't be done when it inevitably will be and already has, what we need is to think of ways we can adapt as a species and society to handle it with the proper care and concern.