I think it will be a lot more like other things that are regarded as addictive. Think cigarettes, gambling and alcohol.
Over time, people will start to self regulate and there will be better ways to limit useage if you want to. This will require a big scandal / study on the effects of social media. It will happen I think.
Then there will be a demand for ways to block it etc.
There will be a 'back to basics' style movement from parents at some point, which will catch on. That will require services / clubs to be affordable and available.
So what you will probably find is that you'll get a split along class / income lines with the middle class ditching it first.
The idea of banning it is ridiculous. It now supports a multi-billion pound industry which markets to targetted groups. The political will just won't be there and the public support for a ban won't be there.
But voluntary cut back will be.
I think the 'back to basic' thing will probably arise as the Greta Thunberg generation get a bit older and have children in their 30s - there are many in that generation who are growing up to see the value in being outside and enjoying the environment and I think will perhaps eventually reject screen time as the default. But it will be a while yet. It will also probably come at the point we hit a peak in obesity rates - there may be incentive for government to tax for excessive social media use (which will be worthwhile if this also gets money from those using social media as a business opportunity or for advertising - governments are always looking for new ways to tax us afterall).
Yes, its designed to be highly addictive - thats part of the point and where the downfall might be. Social media companies may have documentation about how to increase addictiveness (in fact I think FB have already been caught with this type of data). I think that will help spark a backlash, but I also think its a few years off before we start seeing it bite so to speak.