Apple's iOS has multiple built-in parental controls.  You can explicitly define which apps can be used.  You can also prevent apps from being installed without your approval.  I use both these features on my kids' phones.  You can also restrict sites and restrict content.

For time tracking, there are multiple 3rd party apps that can do this. 
 There are different levels of sophistication. Some can present comprehensive statistics.  Others can limit the usage of certain apps which can also be considered as part of parental control.  Others still can provide notifications and reminders that you're probably using certain apps too much already.

I would assume there are Android equivalents for all of these.  So the apps and features exist.  It's just a matter of whether people use them or not.

I have "Cleanmaster" app on my phone and it does some sort of tracking. It doesn't display the time spent on every app but it works in some still

If you use an Android device:

https://play.google.com/store/apps/details?id=com.a0soft.gphone.uninstaller

Not social media specific, but it tracks how long and often you use each app.

This app would really be wonderful, it would help keep track of ones habbit and how often one goes online. I really need to keep track of how much time i spend on steemit anyways, so would be looking forward to it

Though you're expecting an app according to your expectation. Then i will suggest you to learn code and write down it according to your ideas. After that you will get exactly what you're exactly expecting : )

I once listened to a TED talk that Facebook do hire addiction experts to help make Facebook more addictive. I don't know how true it is but if it was true, then they succeeded. 

There's this feeling of not wanting to miss out that makes people constantly check on their phones, emails, social media site, messengers because they believe they don't want to miss out. I was feeling same way too, it got so bad I had to delete my Whatsapp last week because I wanted to teach myself that I can live without it. It's going to remain like that until I regain control of my social media usage. 

Such an app would be nice and I think they should add a feature too which allows the user to set the over all time he wants to spend on social media apps daily. When 90% of that time is used, the user would receive warning notification and at 100%, would be disconnected for the next 24hrs. 

One challenge we may face though, is that most social media also have web base services, so except the app would monitor what site you browse on your chrome, Firefox, operamini etc, then it won't simply be able to track down your total time spent on those sites. And I wouldn't want to use any app that tracks my browsing history. At the end of the day, it still comes down to the user - you cannot save those who do not want to be saved.

hahaha we would probably never see it because it would expose the ugly truth to a lot of people. nifty idea though..

i like sir

I would certainly consider installing - without 3rd party tracking activated. ^_^

It might already exist under 'time management' tools?

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Yup it is having many pros..and less cons

Even with the colorful and fun emojis and quick send messages, talking in person is the most intimate and personal way of communicating, and I hope it stays that way.