Yep, I mostly agree. Except, defining APIs is pretty much the realm of software engineering more than regulations.
I mean, we don't want to have regulations that essentially say: "all companies selling platforms (god knows how we're going to accurately define what a platform is; let's ignore that for now) must support development against open apis such as HTML 5" and then realize that 5 years later nobody wants to write apps in HTML 5 but the shiny new thing called Flash that Adobe has developed. (My memory fails me; Flash is the hot new thing right? :P)
Anyways, it feels like society has reached a point where regulators need software skills if they're going to tackle societal impact of big tech. We need super smart folks from software _also_ become super smart folks in law and become members of congress. :D Or, maybe we need congress to sign up for #learntocode. Cross-functional skills FTW!