OK, that's about the elaboration I was looking for...
Somehow I don't think this is the central reason. I think governments are perfectly capable of doing bad things completely without billionaires having an interest in it. It especially doesn't explain things like the California law that will regulate how we can or cannot program operating systems (hint: software code is a form of speech, meaning that this ought to be struck down as a violation of free speech), because no age verification services are involved in that.