Sorry, you are crazy if you trust American tech companies (that you have zero control over) rather than your own government which in theory you have a lot of control over, but it does depend on your flavour of democracy.

Until these controls on American tech companies Trump (via all the tech CEOs fawning over him) had more control over Australian society than your own government.

The rest of the world needs similar restrictions on American tech and social media unless we all want to have American bonkers (and increasingly authoritarian) politics fully exported to us.

"The rest of the world needs similar restrictions on American tech and social media..."

Yes, it does but don't kid yourself, all of Big Tech will cooperate with governments for mutual benefit. Big Tech collects data that governments would otherwise have difficulty collecting, if Big Tech is refrained from collecting data because of regulation and privacy laws then both lose out.

We should never expect governments to maintain our privacy or protect us from Big Tech leaching our data. In short, we're fighting different enemies on two fronts and that's a difficult and invidious position to be in.