I think the possibility of banning certain sites at least for minors is being discussed, after Australia set the precedent. But this of course has downsides, too, as some form of verification has to be implemented, that would almost certainly reduce anonymity and carry risks to personal data protection. A complete ban is unrealistic since people actually like to use these platforms. Plus, it would certainly entail massive political repercussions from the US government. This is already happening when US American companies are simply fined in the EU.

Does that outweigh the loss of privacy involved? I really don't think it does personally, I should not have to show anyone ID to have an Instagram account, privacy and anonymity is a feature not a bug.

To me, the claim of privacy is the wrong concept. Anonymous would be a better description. People are posting things on a public website to be viewed by the public.

The privacy issue is one of the reasons I favor a total ban.