Considering the number of thick volumes of regulations the world's governments are accumulating in trying to combat harmful behaviour by businesses (or, in economic parlance, negative externalities), and still failing to keep them in check, I wonder whether we should consider bringing back more flexible, socially imposed injunctions instead of legislation/regulation. Something not quite as strict as judge-made law / common law, but also not quite as mob-rule-esque as mass cancellation online. Boycotting is obviously one form. Ostracism was another, but no longer practical. Perhaps there are other methods. Perhaps any business that cannot be effectively boycotted by a majority of its customers, should be considered too big to exist.
Not “instead of” but “in addition to”. Government regulation is not perfect but is the first-best solution to imposing such injunctions, and prima facie is much more effective than social norms or industry self-regulation. That’s a major part of why the industry bodies are objecting to it.
This is the fundamental tension in law making and government in general.
Leaving room for nuance reduces the seeming capriciousness seen in the enforcement of some laws that look heavy-handed when applied strictly, while said underspecification can allow for abuse instead.
As long as people are individuals with their own volition this tension will exist.