It would be foolish to think that either of the companies would move an inch in tackling this. Governments need to enforce policy to lower the ridiculous amount of influence this platforms have. They can start by forcing open standards on these platforms like SMS used to be for messaging. There is barely any technological challenge to the basics of Facebook and Twitter.
Here in the Netherlands the PM had a phase where he exclusively posted his messages on Facebook instead of government websites. Acts like that are ridiculous and only feed the hand. Of course the PM and his party gets helpful marketing in return which fuels the cycle.
I agree that the platforms have too much market power... but astroturfed propaganda from a centralized authoritarian power requires a centralized defense; a true "open competitive marketplace" of ideas and discussion would have just as much astroturfing and more.
I'm not arguing in favor of Facebook at all, shut them down and lock up Zuck, but I'm simply saying "careful what you wish for".
Then what good would open standards do? Genuine question, since I have the same fears about decentralized social networking that the above poster mentioned.
It atleast opens up the space for more healthy competition, and will aid in shaping the conversation for regulation. I don't see it as a final solution, but rather a step in the right direction.
So in short, I don't think a True and pure open market is the right way, much like a completely open market is healthy. There is a middleway. But the current situation seems like the worst solution.