How would government realistically preserve a (in hindsight) fragile cultural phenomenon? OTOH a ~difficult mandatory PC/internet operator's license might have done it.
Now that reminds of the weird Internetführerschein ("internet driver's license") courses for nontechnical folk in Germany. Though these were entirely optional and so not cool.
That wouldn't have prevented tech bros from hijacking the cultural momentum or commoditizing attention. Even a maximum fidelity web archive would drown in the noise just the same.