I like your rage. I think it's mis-targetted though. In the Reagan era, Supreme Court nominee & Nixon criminal Robert Bork got put in charge of the FTC, and re-defined Anti-Trust to only apply when consumer prices went up. Any other kind of monopoly was ok. Because of this, the FTC hasn't has a regulatory basis to manage jack nor shit for 40 years. This isn't just the typical dump-truck-loads full of money problem: this is a 4 decade old crisis of the government being unable and unwilling to govern.
Cory Doctorow has many great threads on this all, but here's two:
https://pluralistic.net/2020/12/10/borked/#zucked
https://pluralistic.net/2021/02/06/calera/#fuck-bork
America needs to unwind the damage of Borkism, & start trying to regulate itself. Right now, we cannot.
I'm inclined to believe that Paul Graham understands the startup economy well, and therefore that this isn't a problem unique to regulating Facebook, this is a problem that will keep happening, in many ways, if regulators / lawmakers leave the startup economy as it is.
"You have many people. One of these people gains more power than the rest. They can abuse that power, so there needs to be someone to monitor that power, but _that_ person can abuse power. How do you effectively hold everyone accountable about abuses of power without requiring that absolutely everyone become a regulator to create a loop?"
And it would if the existing regulatory bodies did their jobs. But apparently they can be dodged with a truckload of political contributions.
As would any future regulatory body that legislators come up with. Ask people who live downwind of a chemical plant if the EPA works.