This.
What eventually kills these platforms is "death by thousand cuts". Enshitification, controversies, legal problems will alienate users bit by bit. Competing services will then make some people visit less and less until they stop coming at all.
These platforms are competing for peoples attention/time which is finite resource.
Maybe EU should just take a page from US playbook and ban these services due to national security concerns.
I mean Musk is clearly trying to influence European politics with fake news, half truths and downright lies. Not all that different from Kremlins troll factories.