In the UK we do have very well established "Consumer Law" which is there explicitly to protect the consumer and recognises that they are often not otherwise in a powerful position.
The most relevant stuff for Facebook is the data protection stuff, but another example, relevant to other online transactions, is the Distance Selling Regulations ( https://www.gov.uk/online-and-distance-selling-for-businesse... ). This gives the customer the right to cancel, without a reason, for up to 14 days after the goods are delivered. If the business doesn't explicitly tell you this then your right to cancel is extended to 12 months.
So, when regulations do not work for your advantage as a normal citizen, maybe the problem is not the existence of regulation but the lack of democratic representation and integrity in your government and the bodies it creates and controls.
This is what people want to believe.
But I think you'll find that regulations exist for a large number of reasons, some of which seem noble and others much less so. Frequently, they exist to provide disproportionate protections and perks to the connected.