I don't think it needs to be scorched earth. Just a reasonable look at what is "too big" and force these megacorps to divest interests or fragment. We did it with Ma Bell back in the day and we all kept the ability to make phone calls. The US can find a balance between over-regulations that stifle innovation and risk and preventing exploitation of workers or consumers with shady business or labor practices.
For me, the real issue is that globalization of corporations is a mistake. Getting raw materials in Africa, machining them in China, assembling them in Vietnam, packaging them in Mexico, and then distributing them in the US all under one umbrella is too much. While it's nice that I can buy a set of silverware for $5 at walmart, SHOULD I really want that level of globalization if it also means that no one can really account for the environmental impact of that process or just how many slave states must exist to run it? What I see is really a race to the bottom in terms of quality, longevity, and sustainability, leveraged by megacorp political influence and no way for new systems to come up because the business atmosphere is stifling. Google works with amazon to drive search results in a closed loop, apple almost exists in parallel to the rest of us in the tech space, everything I see, read, or watch is really piped to me from just a few sources masked as diversity.
The cyberpunk dystopia isn't pink mohawks, rad cybernetic limbs, and hacking ATMs with black ice, it's wallowing on a couch, getting multi-ethnic food delivered from the same black kitchen, watching 5 streaming services all fed by the same studio, and getting pummeled with online tweets generated by the same AI.