Restrictions on social media doesn't mean that it is big media companies the one that decide, necessarily. I think it would actually give more power to the people to decide what is the consensus reality, but this time organically: instead of giving importance to ideas that generate engagement, give importance to ideas that people agree with. If those ideas come from an independent group that manages to grow via people agreeing with it instead of generating controversy for the sake of it, so be it.

Of course it will be difficult and not straightforward, and there will be challenges to control big media, but at least we align the incentives in the good direction. The current situation is awful: chaos and a push towards polarization, because that's what generates engagement.