I think big tech has proven that it cannot be trusted. Their priorities are simply not in alignment with our own.

agreed

Legislation seems to be the only lever that can hope to rein them in (market forces are no longer strong enough).

I don't agree. The Internet, at least when not regulated to death, allows new websites to rise and old ones to fall, this has happened many times and can happen again in the future.

At the same time, smaller networks do not have the resources to comply with government regulations to a T

agreed

and so they should be given a longer leash

Not easy to implement in terms of legislation.

Governments also do not have the resources to chase down

and you want to rely on governments not having resources to do things that laws say they could do?