So what's left?
Back in late 90s, 2000s, even 2010s, the internet was truly awesome. Only once governments started to get involved, by increasing the red tape and adding restrictions and whatnot, it became shit.
So I would argue that you are completely wrong. Yes, it might have been a bit of a wild west, but that is a good thing because you needed to have some smarts to navigate it and that filtered out the dumb masses that pollute it today and why we cannot have nice things.
I am not saying people should not have access to it, just that the less people there were, the better it was and the less attention it had by the governments. Which in turn made it much better experience than it is today.
But most people, actually, have not lived through those "early" days and cannot even comprehend how great it was back then and how crappy and restricted it is today.
The invasion of normal people onto the internet was the seed for handing the web to a small selection of companies, and a decline in etiquette which is now reflected in the real world (misinformation, political polarisation, bullying and group radicalism).
It was inevitable that regulation would need to come as soon as this group came online. Many regulations were postponed way too much, because politicians of the time didn't understand what they were dealing with.
There is nothing wrong with governments putting in regulations about child safety on the internet, so long as that's the real purpose (in the UK, this isn't it). It's not right for companies like Facebook to be misusing the data of child (nor should it be for adults either).
I would argue that consolidation is the natural outcome of capitalism and growth, it will happen if there is no intervention. The fact that the growth came from "normal people" is not the most relevant thing. It merely reflects the thing going mainstream, no longer only used by nerdy early adopters. It's in inevitable consequence of growth past a certain point. Consolidation requires only that government is hands-off on a lucrative market, e.g. allowing mergers and acquisitions.
Further, I would say that these large companies use their power and influence to avoid meaningful regulation. And that they are largely unregulated now.
It is absurd to blame this current state of affairs on "government red tape".