We (well governments and regulators) have taken the nice softly softly approach to these big tech morons for far too long. The result is that we have let hate speech and mis information thrive, and expand, the result is now that Musk is trying to directly get right wing parties elected in europe, he has Trump in the white house and the opposition are either nowhere to be seen or terrified of standing up to Trump and others.
There is only so much we can do as fedi advocates, we try and explain what is going on and are just not taken seriously. We are on the cusp of being proven correct, but it may just be too late.