Sounds like something parents should be involved in, not government.
How are parents supposed to be involved in it when their kid goes to a school library, creates a GMail account, signs up for Facebook, Twitter, TikTok, etc...all without the parent knowing? The social media sites aren't innocent victims here. They knowingly allow children to sign up without verifying parental consent, then use and/all data they can get their hands on...and there's exactly nothing a parent can do about it at the moment, short of chaining their kid to a radiator and denying them digital devices.
Could you imagine if it was a credit card? Oops--sorry, we let your 10-year-old get a credit card and he went to the store and bought $2k worth of candy and sat outside and ate it along with his friends. Better pony up the cash or we're going to put a lien on your house.
Your 13 year old walked into an AT&T store and we signed them up for cell service and gave them a new $1k iPhone. Sorry you found out about it when the bill arrived, but you better pay up because you're responsible for the actions of your child.
You wouldn't stand for that predatory behavior. But if you're ok with it, have your kid give me a call. I'll sell him a year of "consulting services" for $150k and send you the bill.
The age of contract in the US is typically 18. It should be enforced.