People carrying planks of wood on the sidewalk is obvious to everyone and clear inconvenience. What tech companies do in software is not, and has no physical immediately tangible effect on the world. These things should be regulated, but they're so opaque and disconnected from the eventual negative externalities that it's hard to get legislators to see it.
The horizon problem.
If a human cannot immediately see a negative outcome on their visual or mental horizon based on the knowledge they have at that moment most of their insights or feelings about what problems will occur will be incorrect.
Talking about AI and data is a good example of this. A bit of data here and there seems useless, but the moment you get enough the pattern of your life can emerge from it and suddenly you can be tracked and manipulated with an amazingly high probability. And it's not a one time thing either. Anything mispredicted gets put back in your profile as another data point.