I'm not saying that the data isn't valuable, but that possession of the data, valuable though it may be, is not related to the organization's hard work or innovation. For the most part, any control rights to the data likely rest or should rest with the people who provided it to the company.

Meta claiming that all of the photos on Instagram are Meta's property does not comport with current IP law or the views/opinions of most of the users on Instagram who do own the copyrights to those photos.

You really shouldn't be able to sue anyone for use or copying of data to which you do not hold copyright. The stuff on FB is licensed to FB by the people who own it (their users).