Antitrust and privacy regulations are all nice and good, but I think the core problems of the Internet is a technical one: We don't have peer to peer connectivity on the Internet anymore.
The whole reason for the Internet to exists in the first place was to connect computers, but for whatever reason, that feature of the net never made it down to the average user. Dynamic IP addresses means you can't find anybody and firewalls/NAT means you can't connect to them even if you do. Even trivial tasks like copying a file from one computer to another have no standard solution on the Internet. This means everybody is forced to services like GoogleDrive or Dropbox as an intermediate. Same is true for chat, video calls and so on. Everything has to go through another service to be usable. The majority of those services don't even use standard protocols, lock the user in, which in turn empowers them to use enshittification.
Until peer to peer connectivity is solved I have little hope for the Internet to get better.