But the fascist aspect isn’t doing it “for the children” or even just money, it’s doing it to completely dismantle all digital privacy, so they can know what everyone is saying and doing online at all times.

Yes, that's the government mandated age check requirements and anti-encryption legislation. Of course many of the people lobbying for these things are rich capitalists, but not exclusively - there are also religious nutcases and overall just people who enjoy having control over others. As far as megacorporations are concerned, they really just want all of your money and if they make you jump through hoops (age verification), you're actually less likely to give them your money.