I’m going to (again) push back on this assumption of the public’s incompetence.
Not saying that the Chinese government’s regulation of its tech sector is morally good, but at least they’ve proved that governments can regulate even huge technology companies effectively.
The problem in the West is that we’re still not sure what we want from the media. Do we want cheap entertainment? Reliable information? Profitable marketplaces? Calling to “break up” e.g. Facebook is just a scapegoat if you ask me: a convenient way for politicians to avoid the really hard policy tradeoffs.