This is true. I find myself torn as to whether social media is bad in all of its forms, or whether there's some form of it (non-algorithmic and nonprofit, like Mastodon) that could make people's lives better.
I heard an interesting interview with Ian Bogost the other day in which he argued that the big shift was from social networking (i.e., connecting with people you already knew in real life) to social media, where everybody is keeping score of their followers and likes, broadcasting into the void. That felt pretty true to me; maybe we just all need to have smaller networks.