Meta is by far the worst at doing regulatory capture of the big companies: they're the one big tech company it's OK to hate and want to die even if you're a politician.
Social media bans are obviously not to Meta's benefit. Meta has to spend a ton of lobbying money on at least avoiding them being held responsible for kids circumventing them (which, let's be real, they inevitably will).
The only reason they might succeed is that the surveillance industry would love to put it on edge devices instead.