Employers can use WhatsApp groups to coordinate with employees, this is widespread even among government agencies. Facebook Marketplace has succesfully supplanted classifieds in many places. Being locked out means you have less access to goods and services, from used furniture to babysitters, caretakers, food and apartments for rent. You can also lose the main audience of your products and services, which can be catastrophic for members of an impoverished population. Facebook Groups can be the only way to connect with certain support groups or have access to services, especially in communities with limited public services provided by the government.
Once we step out of the affluent bubble, it becomes evident that a deleted Facebook account can ruin lives. I agree that these companies should be regulated to some degree, to ensure that all people have access to de facto essential services.
Wait what? I haven't used my Facebook account in years, what am I missing?
But I just had a thought : If Facebook is really that essential for interacting with society as you claim, shouldn't it be regulated as a public utility?