There are similarly powerful industries and they are regulated strictly. Take banking, as an example: In theory, you can "choose" not to use a bank, but realistically, you won't be able to and still live a normal live in modern society. That's why we regulate them and disallow them to simply take your money for no reason, impose insane fees etc.. I don't see why Facebook should be given a cop-out given how essential many of their services are to a normal live.