I think you are too much on Social Media.

Maybe the people of " Age regulations are the best example. Every time the topic comes up there is a lot of support for government regulation of social media by age." and " Then every time there comes an actual attempt at government regulation or even self-regulation by the companies, everyone goes ballistic when they realize what that regulation means." are different?

"This topic is awash in ideas that regulation will come in like a scalpel that only touches something that won’t affect anything we like, only hurt some companies in some specific way that doesn’t take anything away from us. This notion doesn’t survive contact with reality." Depends on the regulation. Also maybe the non intended effects are still worth to introduce the regulation?