Well we live in a global informational network. Instagram actually did try to not fully attentionmaxx their reels algos back in 2014 when TikTok came up, and this led to them losing 60% of the market to this.

You can't regulate the whole world, if you won't make something addictive, someone in China will and you will lose the market to them.

Next best thing is ban because regulations in software are stale the day they get released due to legal processes being slower than technological ones.