Well, if the US and other countries don't have equivalent laws, you can move everything to the EU.
Of course, this doesn't work if another country has such a law. But if it's a smaller country, then it doesn't have as much leverage (e.g. Facebook could accept the smaller fine or pull out).
I don’t know, maybe let adults make their own informed decisions and weigh the tradeoffs versus benefits based on their own priorities instead of depending on the government?
You seem to have picked " Or anything goes, no law" which as stated above, is not acceptable to the EU.
Naïve libertarian takes like "let adults make their own informed decisions" are all fine and well, but when there's a track record of their harm that can be pointed to already, it is, as stated, a non-starter.
So should we now pass laws that outlaw everything that can cause you harm - cigarettes? Alcohol? Gambling? Sugar? Do you also support the “war on drugs”?
How much power do you want to give the government because you are incapable of making your own decisions?
How so? The contention was that the government should protect intelligent adults because they are too dumb to use their own judgment. But adults are intelligent enough to use alcohol in responsible way (which statistically is clearly not the case), but not intelligent enough to use a social media platform?
Of course, this doesn't work if another country has such a law. But if it's a smaller country, then it doesn't have as much leverage (e.g. Facebook could accept the smaller fine or pull out).