I know that this is the American way, but in my view private companies should not be able to do "whatever the hell they want".

You said it yourself: "A government is supposed to (and usually legally obligated to) act for the betterment of its constituents"

So, government: Make new rules for the unicorn tech giants. Setting new rules for these behemoths helps small businesses and therefore your constituents. You make the rules. We need them.