Why is digital platform regulation taking so long?

Taken from a Chatham House publication: "There is significant diversity among countries in their approaches to platform regulation, with no clearly established norms or best practice. The major digital centres of power – Brussels, Beijing, London and Washington – are pursuing vastly different regulatory models. In the absence of new approaches to global governance, a jurisdictional, fragmented ‘Venn diagram’ of national internets could emerge, undermining the promise and benefits of openness."

The economic case for regulation seems very clear – tendency towards natural monopolies removing all competition or incentive to improve, negative externalities that the platforms are getting away scot free with and causing havoc in democracies globally, information asymmetries manipulating users and advertisers, all leading to allocative and productive inefficiencies that should be corrected.

Why is it taking so long? I was hearing we were in the wild west of the internet age 15 years ago. It's gotten very significantly worse since then but it still feels like the wild west. Why has it not been fixed by now? Do you think the issues we see now can be fixed by regulation or has it gone too far? What's causing the hold up – just simple bureaucracy or are there underlying issues that need resolution and endless discussion?