Okay, so, I agree with you in spirit, but this sounds like you're attempting to legislate that social media companies are not allowed to pursue user engagement of their product. Basically telling them that they're not allowed to seek profit. I don't actually know how you go about drafting a law that describes this correctly, or how you actually enforce it after it's in place. Basically every move these companies make would then have to be subject to scrutiny by a court of investigators to see if it falls outside of legal boundaries or not, and said court is statistically likely to be chock full of people that have less than zero idea of what they are actually looking at.

That particular genie is out of the bottle and I don't know how we put it back in short of banning social media and/or advertising altogether, which is basically a non starter, that's not realistically going to happen. I do support this goal but we need to cook this a little more to get an actual solution and not a leaky band-aid.