I find this entire argument weird, to say the least. I was on the Internet ("social media") back when I was freaking 12 years old. At no point did I lose my mind, share all sorts of personal details, threaten to kill people, bully people, sit for hours on end at the computer despite other things to do, or any of the rest of this shit. Back in the day we were using IRC, and then these "convenience" apps like ICQ came around and people like me were asking "Why?!"
I remember a simple web search back in the day that yielded contact information between two classmates because they used some lame e-card site that published their logs in the clear.
The problem here is parents not parenting, and kids being raised to have no idea what the hell they are doing. When you "check in" on social media every time you go to a gas station, what do you think is going to happen? While the modern social media model is a cancer and a mess, don't (totally) blame the provider for your own dumb-ass decisions. These kids are idiots.
It is indeed a huge problem. But it isn't because of the platform.
And then how do you define "social media?" I guess that's any interactive forum on the Internet. I suppose it also includes IRC (good luck regulating that). I guess Slashdot is a social media platform. Hell, I guess the comment board at Fox News is a social media platform.
Society has gone to hell. What was old is new again. This is the crypto wars all over again, just in a different form.
They will lose.