Can you elaborate on why you think Facebook was a bait and switch? "They trust me, the dumb fucks" was during Facebook's infancy, and came to public attention years and years ago. More concretely, Facebook has consistently been amoral and user-hostile, and anyone paying even a little bit of attention knew that by, say, 2012. Hell, there were complaints about its addictive (+stalkery) potential when the news feed launched, in 2006! I'm what way is this a bait and switch, instead of clearly signaling the company they were the entire time?
The upshot is that people don't really see a problem with obtrusive monetization directly (FB ads aren't particularly egregious from a UI perspective), but rather attempts to increase engagement, which of course substantially predate their monetization efforts. The News Feed and related controversy are an easy, early example, as is the promotion of Farmville-style "games" (ca 2009/10), which also substantially predates Facebook's mainstreaming and the bulk of their user growth.
There's also an absence of morality in these businesses. Facebook and many others established themselves with a giant bait and switch. Get the users, then put the pinch on them by selling every bit of info and using dark patterns to a point just shy of them quitting. That's an accepted way to do things. There is an underlying attitude that any legal and profitable venture is valid. Caveat emptor, greed is good, social darwinism. I'd regulate against that but I don't see how.
You could form some sort of regulatory body that decides itself what practices are acceptable and leverages fines against those that aren't, but that kicks the can down the road and also entrenches big businesses who can afford to interact with such an entity. Barriers to competition help create the monopolies and cartels that prevent consumers from punishing bad business practices.