They aren't, though. There are other ways of making money. Like charging people. If people won't pay, well, worst things could befall the Union than Facebook leaving.
Why can't they charge you in data? If they present the deal to users as, "let us track your data, and in return you get to use facebook", is that not a trade that should be allowed? Isn't part of being able to 'be in control' of your data being allowed to sell it yourself?
I think the key point is being clear about the trade. I think FORCING all websites to only be paid for by cash is bad; you should be able to trade your own data for access to a service.
Because "In the EU, personal information cannot be conceived as a mere economic asset: according to
the case law of the European Court of Human Rights, the processing of personal data requires protection to ensure a person's enjoyment of the right to respect for private life and freedom of expression and association".
Well, first, ads are not the problem, tracking is. Also, they can make money from tracking, but they have to convince people to consent - more like a donation than a payment.
But yes, the EU does get involved in plenty of business decisions, just like governments everywhere. Usually when an industry is misbehaving and violating what is established (e.g. by the ECHR) as the rights of individuals.
I think the key point is being clear about the trade. I think FORCING all websites to only be paid for by cash is bad; you should be able to trade your own data for access to a service.