There is a vast swathe of criminal and media law that social media sites have somehow convinced successive governments that they're exempt from. "But we wouldn't be able to exist as we currently do if we had to obey the law" is not an argument that would be accepted from any other industry.

Right-wing thought is that there must always be a hierarchy with a very few people doing well at the top and everyone else living in misery, and this is just another manifestation of it. Conservative policies are deliberate ideological cruelty.