Here's the practical problem with calling social media a utility: utilities don't compete. They're protected monopolies. The second you regulate Facebook and Twitter like power companies, you lock them into place forever. New platforms couldn't afford the compliance burden, and the big ones would have zero incentive to improve. The internet works because MySpace fell to Facebook, and Facebook is bleeding users to TikTok. That doesn't happen with water companies.
And think about what utility regulation actually means. It treats the platform as neutral infrastructure, which basically forces you to carry all content equally. You'd have to host the spam, the scams, the targeted harassment. At least now platforms can try to moderate. As a utility, they'd lose that ability entirely, and the worst people online would get a legal shield.
I get the frustration with Big Tech. They've got too much power, and that's a real problem. But handing them permanent, government-backed monopolies isn't reform. It's just picking winners and freezing the status quo. We should regulate specific harms, not nationalize the whole model.