I'm in favor, but that's for improving social media in general and beside the point.

Parents and legal guardians need better education and tools to effectively control what their kids and teens are exposed to online, not having their kids and teens used as an excuse to place everyone in an orwellian nightmare.
They purchase smartphones, tablets, consoles and PCs for their children and still most of them don't have a clue about what they can do to mitigate the risks associated with these devices. Those that do either have enough studies or need to contact a professional to get everything set up.

Governments should invest in this, even going as far as to tie these types of services to stores so when a parent buys a new iPhone for their minor it's already configured with the proper software, filters and permissions for a safe and adult monitored use at home.