Utilities are subject to regulation because they are granted a monopoly by the government. I don't want the government to grant Facebook monopoly status and thereby limit any competition.
Since Congress broke up AT&T and created the 8 ‘Baby Bells’ the natural monopoly has been dissolved and the Market took off from there.
Every company that has emerged since is still regulated due to their use of radio frequencies and FCC regulated lines.
These diverse companies profiting from the the usage of our ‘airwaves’ are hardly monopolies.