I am absolutely not a fan of social media for young minds. Easily led, easily subverted children are ripe for anybody who wants to exploit them. I am happy to have raised my kids before the internet took over completely. We did have a computer but it was not something the kids were allowed to mess with.
That being said, Parents have to be diligent with their monitoring and not simply rely on government or companies to watch out for their kids. Monitor and inform, over and over.
Parents have so much reliance on devices to entertain and educate their kids but that entertainment and education isn't always legit. I think the government here are trying to mitigate the issues with some control because parents are not doing it for themselves and it's having adverse effects and yet that control is an issue in itself. A complex situation.
Life was never meant to be this complex, yet we are drawn to the complexity by tech and other things that supposedly make life easier/more fun. In reality it just ensnares us further. Parents have an especially difficult time these days it seems. I really hope common sense comes back in style soon.