They are not attempting to regulate big tech. They are attempting to use fear of big tech to more easily regulate what they want. Successfully.

I dunno, is it just me getting older or is our time very similar to Star Wars EU in the Coruscant Nights novels time period? Late Clone Wars, early Empire. After its early period Empire had less and less need to pretend.

If they wanted to do something about big tech, they would have. Have you seen what Israel did in Gaza and how its NATO allies were all fine with it? Do you think the governments of those countries wouldn't be just as ruthless if they needed to get big tech to behave?

The difference that gives them potential to spark riots is the same that made them preferable to random forums for governments. It goes both ways, they can plant their own misinformation and they do. They can sleep well knowing that most of public discourse works in systems where all voices of reason are silenced naturally, which prevents most of threats to them.