The natural monopoly argument falls apart if you actually look at the market. Water and electricity are utilities because building a second water main or power grid makes no sense. You're not going to have five competing pipes in your street. But we already have tons of social media platforms fighting for attention — TikTok, YouTube, Instagram, Reddit, Snapchat, and smaller ones too. If people get fed up with one, they leave. That's the exact opposite of a captive utility customer.
And think about what utility regulation actually means. It means government controls rates and mandates who gets served. Translate that to social media, and suddenly you're saying the state should dictate what platforms charge advertisers and which content they must carry. That's a direct threat to free speech. A utility can't refuse service. Does that mean a platform can't ban hate speech? You'd be forcing private companies to host content they find repugnant, all in the name of supposed neutrality.
Look, I get the frustration with Big Tech's power. But the answer is targeted antitrust and privacy law, not utility-style command-and-control. The utility label is a slippery slope to letting the government referee all online speech. That's a cure worse than the disease.
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