Should we attempt to regulate how social media companies operate, educate children and parents on the possible harm and how to avoid it, or do anything with the goal of just improving the way technology is used?
No, we'll just ban it. Something that has famously always worked well.
In a way this makes me a little sad. I met my wife via IRC, I built long lasting relationships with random people I met online when I was a teenager; I learned so much about programming and Linux/BSD/Solaris from online forums of people that took time to help my dumb ass out. All of that same potential to be swept under the rug because of trash like TikTok and Facebook.