That's a fair analogy and numerous countries and states did introduce measures to combat obesity caused by sugary drinks (mostly through an added tax, which seems to have worked to reduce consumption).
I think there's a difference between what Coca Cola has done and what Instagram has done.
I've had someone who isn't me have to visit mental wards (practicing doctor) and almost all the wards have a strict no FaceBook, no Instagram, no TikTok after leaving. Almost all return patients end up pointing fingers at those companies.
Haven't heard of anything similar from Coca Cola products, extremely scary IMO.
Before Reagan advertising was subject to FCC regulations around producing and publishing advertisements aimed at children. Once it was deregulated the big toy companies went full bore on commercial ads and we have the familiar experience today of children begging for, needing, toys because of the manipulative tactics used in advertising. The experts call it "pester power".