Youtube and facebook are natural monopolies due to their network effect.
All the older natural monopolies, water networks, electricity networks, landline phone networks, railroad networks, and the rest of them are either nationalized, or regulated heavily.
It's long overdue to add social networks to the list.
Their monopoly is their social network. People want to publish video where the audience is, the global audience happen to be on youtube, and going to stay there because that's where most videos are.
The idea that we shouldn't do such things because government could be used to impose horrible things is a bad one. Driving a car could kill you, but you wouldn't ban cars for that reason because cars are not bad in principle nor are they so dangerous that they should be banned. They are regulated, however, and this is good.