The parents should be fined or forced to attend parenting meetings by court order if they allow their children access to social media. That's the incentive for parents to actually protect their children from harm online.
Verifying your age should be a requirement to access certain parts of the internet to stop children and other vulnerable people from being manipulated or exploited by predators and trolls online.
Social media is just a breeding ground for devision and extremists and it needs to be better moderated to prevent harm to people.