What I am hearing is it's not right/fair/moral for businesses to compete with personal data as their primary asset. The proposed solution is for a small subsect of the technical elite to walk away. That really, really does not solve anything except an individual's problem.
The solution is to put pressure on legislators to prevent companies like Google and Facebook trading your data to fund their business. This could result in Google/Facebook charging for their services, and maybe that's a really good thing. People would have to think about how much social media means to them and not ignore the hidden cost of their privacy.
If you give your data to them, it's legitimate for them to use the data. You literally signed away your rights when accepted their ToS.
I would go for clearer definitions of what personal data are, several most important kinds of it. Maybe a regulation should require that ToS clearly state how these data are going to be collected, accessed, and stored. Much like with medical or financial records.
Then most users would just make more informed decisions, and that might also inform their online behavior and expectations.
People are mostly not dumb, they just need clear information.
The solution is to put pressure on legislators to prevent companies like Google and Facebook trading your data to fund their business. This could result in Google/Facebook charging for their services, and maybe that's a really good thing. People would have to think about how much social media means to them and not ignore the hidden cost of their privacy.