But these companies still possess massive and almost unregulated power. They control vast stores of sensitive data about billions of people, and can use it however they wish. Theyre capable of smothering or swallowing competitors, censoring unwelcome viewpoints perhaps even turning the tide of an election.

And so, despite all of the good these companies have done, few people trust them. According to a June survey from Brunswick Group, nearly 80 percent of US consumers say technology companies have done a fine job of responding to the COVID-19 crisis. Yet 77 percent favor greater government regulation of Big Tech.

And here it comes.

Theres something to be said for an antitrust crackdown. But other proposed changes could have ugly consequences. For instance, there is one plan that could undermine the security of our private data in the name of law and order. Another would fight the tech companies perceived left-wing bias by gutting the 1996 law that protects free online speech for everybody.

The Justice Department, the Federal Trade Commission, and a horde of state attorneys general are conducting multiple antitrust investigations targeting Google and Facebook. A lawsuit might be filed against Google this summer, according to The New York Times. Dozens of states, including Massachusetts, have launched their own joint investigation of Googles business practices. Apple is coming under Justice Department scrutiny for the way it runs its lucrative App Store, and some US states are investigating Amazon for its treatment of independent retailers that sell through Amazons online marketplace.

And thats just in the United States. The European Unions antitrust authorities are expected to sue Amazon for anti-competitive practices in the coming months. The EU has also launched an investigation into the way Apple runs its App Store.

But crafting effective remedies wont be easy. You cant break up a Google or a Facebook; their sheer size is what makes them so useful. You could force them to spin off their giant auxiliaries, such as Googles YouTube business or Facebooks WhatsApp mesaging service, but then youve just got four tech giants instead of two.

As for Amazon and Apple, maybe they do abuse their market power. But neither company is a true monopoly. Apple holds about 45 percent of the US smartphone market, while Amazon gets just 5.9 percent of all US retail dollars (as of last year). So by traditional antitrust standards, they may be untouchable.

Indeed, some in Congress think the United States will need new laws specifically designed to rein in the technology companies. And last week, the EU said its starting to draft new regulations. But enacting laws wont happen overnight. And even if the companies are sued under existing law, antitrust suits rarely end quickly. The Microsoft case from the early 2000s, for instance, scraped along for five years. So any benefit for consumers is a long way off.

Antitrust action isnt Big Techs only worry. A lot of powerful people want to set tougher limits on what can be said online. Theres an aggressive private-sector campaign to force social media companies to clamp down on false information and hateful speech. Hundreds of companies, including giants like Coca-Cola, Ford, and Honda, have stopped buying ads on various social media outlets, including Twitter, Facebook, and Instagram.

But attempts to limit speech are always scarier when governments doing it.

Consider the EARN IT Act, a bill supported by leading members of both parties. In a bid to target the sexual exploitation of children, the bill would modify Section 230 of the Communications Decency Act. Thats a 1996 law which says Internet companies such as Facebook arent legally liable for the stuff posted by their users. If someone posts something libelous on Facebook, the victim can sue the person who posted it, but not Facebook.

Because of this law, Internet companies can maximize free speech and police their forums with a light touch. But under EARN IT, tech companies could be prosecuted if their systems are used by child sex traffickers. Thats surely a worthy goal. But in its present form, EARN IT could let each state set its own standards for deciding whether a social media company can be sued or prosecuted, turning compliance into a 50-state labyrinth of confusion.

An early version of EARN IT was much worse. It could have forced Internet companies to build back doors into the encryption software that protects user privacy. This would make it easier for police to find evidence of sex trafficking, but would also leave a way in for hackers to steal our personal data. Happily, the Senate abandoned this awful idea. But the revised EARN IT could enable state governments to make similar demands. In effect, the law could impose encryption back doors through the back door.

In another threat to online liberty, GOP Senator Josh Hawley of Missouri wants to revise Section 230 to keep social media companies from discriminating against conservative political viewpoints. His rewrite of the law would let people sue companies for up to $5,000 in damages if they feel their postings were unfairly deleted.

Filing lawsuits against Twitter and Facebook would become a cottage industry under such a law. Some people might even post outrageous messages just so they could sue when theyre deleted. And social media companies might respond by putting stricter limits on all online speech left, right, or center.

Incredible as it may seem, Democratic Senator Brian Schatz of Hawaii and Republican Senator John Thune of South Dakota want to address concerns over bias with a dose of common sense. Their PACT Act would simply require major social networks to explain why they delete a users messages. Companies would have to publish clear, specific guidelines on what users can and cant post. Users whose posts are deleted would have to be notified within 14 days and would have a right to appeal. And major social media companies would have to publish a quarterly report on what theyre blocking, and why.

The PACT Act is small-ball reform. At best, it might resolve claims of social media bias. But the unaccountable market power of the technology titans remains, as does our distrust. And not even Big Techs brilliant response to a global pandemic will get them off the hook.

Hiawatha Bray can be reached at hiawatha.bray@globe.com. Follow him on Twitter @GlobeTechLab.

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Big Tech saved the day. We still dont trust them. - BetaBoston