As influencers and celebrities continue to build their empires on these unregulated platforms, they risk building a house of cards. One wrong move, and the entire structure can come crumbling down. The very thing that gave them power—instant access to millions—can just as easily take it all away.

Darnell Thompson, known as Fit Flash, stands in deep thought, illuminated by sunlight and framed by a minimalist concrete backdrop. He is...