There isn't presently a good solution to this. I think regulations like that will probably have downstream effects, kicking the can down the road.
Google is already bad enough at government collusion, divulging data, as are other infrastructure providers.
Best-case is gutting Alphabet and breaking it up to the effect of decentralization of its pieces.
I think if anything regulating the current instruments would just harden their social/political position which furthers their interests more than anything.
Regulations will just make it easier for the powerful incumbents to control what content the platforms are allowed to host.
Deregulation is the solution here- get rid of DMCA and all the other laws that are used to bankrupt any competitor to YouTube, so that instead of a single video hosting site, we have tens, hundreds or thousands.
The dream of the early web was that everything would be resistant to censorship and centralized control because it was a true network of many independent hosts, globally distributed, independent from the whims of any government. Then we let a few billionaire copyright holders and authoritarians who want to control what is published and seen gradually strangle the open web and replace it with a handful of corporate sites that can be controlled.
We regulate many privately owned utilities. They aren’t allowed to just deny you power or water based on your politics or pressure from another corporation or whatever.