it seems to me like regulators are taking the easy way out. Instead of trying to understand the problem from first principals, i.e., the app isn't the problem, the regulations around data protection and data gathering are.
As well as pushing for more education regarding our digital footprint and the data we leave behind. Also possibly an age limit on downloading certain apps, similar to how you cannot vote, drink, drive a car etc until a certain age. If we believe that social media apps have negative health/life consequences (which i believe they do) then we as a society should think twice when allowing our kids to be exposed to them, just as we do with the above examples.
There's a reason tech CEOs do not let their kids use these apps.