So, kill all news agencies and reporters I guess? or would there be a carve out for incumbents so they can cement their market share? who controls the approval list?
That alone is a value add people don't realize even as they're losing it: it created a shared reality you and locals inhabited, that you could have a conversation about.
Even if you want expand from social and allow commercial activity on them, it should still only be whoever you actually chose. It's not like Fox News can interrupt a BBC News broadcast on TV, or The New York Times can substitute itself for your normal copy of The Cambridge News: you chose what source you get, not an algorithm. (And there is a specific named editor to blame if some false story gets in that wasn't checked first for actually being true).
Australia did this, now everything is worse with no tangible improvement to "child safety" or protection from brainrot.
Except this has nothing to do with social media nor with children nor with addiction.
Though I think banning it for children is the wrong approach. Ban the addictive and dangerous features for everyone, adults included — no more infinite scroll, and no more feeds showing content from outside social connections.