I think it's going to be weird and messy whichever way it goes. If it is under government oversight, politics is just going to ruin the whole purpose maybe make it worse. Me and you can have a debate about whether or not neo nazis should have the right to speak their hateful messages without calling eachother nazis. But voters aren't so calm when their elected official slings mud suggestion someone is one because they don't want to ban their speech.

I'll admit though. I'm not so sure what the effect of breaking them up will be. How many services would be lost, how many sites would go down because of lost services, how much money would be lost due to search ranking being ineffective or businesses needing to buy ads from multiple companies. It would hurt a lot of people at least temporarily. But I think long term the Internet and business would thrive after a short term pain. It would definitely have to happen in stages though. Each part of the business broken up into a few.

But yeah I agree, the escape velocity companies you mentioned need to be put in check somehow.