The problem here is that it's pretty much out of the hands of the parents. If your kids' friends have social media, your kids will absolutely need it too in order to not be left out. I've witnessed the pressure, and it's not pretty. Add to that the expectation from society that children shall have access to social media.
Regulation is pretty much the only way to send the right signals to parents, schools, media companies (e.g. Swedish public service TV has a kids app that until recently was called "Bolibompa Baby", but it's now renamed to "Bolibompa Mini"), app designers, and so on.
The problem here is that it's pretty much out of the hands of the parents. If your kids' friends have social media, your kids will absolutely need it too in order to not be left out. I've witnessed the pressure, and it's not pretty. Add to that the expectation from society that children shall have access to social media.
Regulation is pretty much the only way to send the right signals to parents, schools, media companies (e.g. Swedish public service TV has a kids app that until recently was called "Bolibompa Baby", but it's now renamed to "Bolibompa Mini"), app designers, and so on.