The process, IMO, already has started, with the USA and the EU launching investigations against about all the big tech companies (I think Microsoft isn’t investigated yet, but in the context of privacy, they aren’t a truly big player yet. Any new laws will apply to them, regardless)
If everyone would abandon FB, they would go out of bussiness.
People have much more power that they think they do.
They just do not know it.
The problem is those people who derive their world-view from social media platforms and buy in to all the lies and manipulation from bullies. There's pressure for accountability, and that should be a good thing, although we need to keep watch. If they oust the bullies and fake lies, good riddance. I don't need someone telling me their "Final Solution", especially without anything backing their words.
Those are strong words, but I'm afraid the "we as a society" are not as much of a power as one would hope. Facebook as a company might turn out to be more powerful. Facebook can bring lawsuits, PR doublespeak and over time wear down adversaries threatening their business.
I think the underlying problems need to be fixed before there can be hope of restricting what businesses like Facebook can do.