I think we all can and should apply our values towards judging companies' usefulness to society. That doesn't mean regulating or prosecuting them - moral clarity goes a long way on its own. People work hard to be held in high esteem by their peers: when we refuse to honor a useless company with prestige, it makes it harder for that company to attract talent; it reduces consumer demand for its products; it makes vendors less excited to work with them. etc. We get companies and products that reflect our values, so let's affirm the right values.

To take your example: Coca-Cola doesn't kill people as efficiently as Oxycontin, but yes, it doesn't really add much. A balanced analysis would probably acknowledge that sugar plays a huge role in our obesity crisis and other public health issues, but also acknowledge that there are many sources of sugar besides soft drinks, that sugar isn't as terrible as heroin, etc. I think Coca-Cola executives should probably feel a little bad for devoting their professional lives to it. I think schools like Emory should feel a little ashamed for taking Coca-Cola money. The fact that Coca-Cola is constantly touted as a great American company (by e.g. Warren Buffett) helps normalize the damage it inflicts on society.

I'd advocate a nuanced view: Coca-Cola isn't great, but it's not the devil. There's worse (like tobacco companies, which are probably correctly rated by society). And there's better (Bank of America, Microsoft) - those companies have their own detractors of course, but on balance they add a lot more to our lives than Coca-Cola.