If history has taught us anything, it's that breaking companies up makes them stronger in the long run - just look at the AT&T.
Now, while breaking up some of the behemoths might seems like an optimal way to do things, I believe that they would quickly find a workaround which would help them prosper.
There was no real legal impediment for Facebook to give Spotify and Netflix access to users’ private messages, so what would block Google #1 and Google #2 from doing the same thing?
I think that the first step towards making competition fairer is voting for people who understand both the technology and the business, at least on the fundamental level, so that the legislature can be fair towards the companies and beneficial for the humanity.