I'd argue that the existence of bad laws does not invalidate the necessity of good laws, and Google/Youtube's technocratic oligopoly isn't going to be undone by being rid of any sort of regulatory agencies or state actor capable of reigning them in. The Chinese government, because they have a vested interested in controlling the flow of information in their country, have walled off Google and other Alphabet subsidiaries very effectively (though I'm not a fan of what they replaced it with). Democratic republics can pass laws that are consistent instead of being at the whim of a magnate, and those laws are (at least theoretically) able to affected by the common man.
I'm of the mind that the absence of any authority within a system leaves a vacuum to be filled in with something else, whether it be state, a corporate monopoly, a Chicom Presidium or a despotic tyrant. The United States government, along with governments around the world, have raised hundreds of billions in capital to build the broadband infrastructure that has all but become a public utility in modern day life. Holding out hope that the free market will conjure hundreds of billions of capital for a competing parallel network is far more idealistic than thinking that laws could be passed forcing large corporations to, in certain circumstances, act in the public interest. It'd be more realistic to think Liam could topple Frog for control of the CG ship.
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As it stands, the biggest threat Google and Youtube ever faced in the United States was in the early 2010s when they went to war with the Big Telecommunication firms (a rival oligarchy) over the threat of abolishing "net neutrality", This was framed to the plebs as telecoms making internet users pay a toll bridge for accessing certain sites but in reality was preventing the telecoms from charging Youtube, Netflix and Google a toll to access internet users. President Obama personally campaigned for net neutrality, Google won the day, and Obama was rewarded with a 9 figure deal for a Netflix documentary once his terms ended.