Regardless of the origin, nothing needs to be done about so-called "shrinkflation".
The packages are not improperly labelled. They say you get 7 oz vs. 8 oz before, you're still getting 7 oz. Sugar went to four pound bags decades ago. Ice cream to 1.75 quarts vs. 1/2 gallon years ago.
If a company is actually lying, that's already a crime. There is nothing the government needs to do to "protect" the public from their inability to read.