You have a good point, but because we have a problem with social media does not mean we dont need to worry about the semiconductor industry.
While I share some of your concerns about the media, isn't this (just an uncharitable way of stating) the entire purpose of democracy?
In times before, news distribution was subject to editorial process and basic standards of journalism. Not that it wasn't without own issues, but it helped sort out outright lunacy, bigotry and conspiracy theories.
Distribution in 2010s bypasses that and mass media are now secondary to social network rumour mills. The political outcomes worldwide and deterioration of Western democracies are related to this.
"Editorial process and basic standards of journalism" is not "cultural elitism" — it's what we had, lost, and now desperately need again.
It dramatically lowered the costs of broadcasting information. At the time, we idealistically felt that would enable people of all means to communicate, and not just the rich and powerful. It did that, especially in the early days before the rich and powerful noticed.
But it lowers the costs for everyone, including the rich. So once they clued in, it ended up empowering them too. In fact, it preferentially benefits them, because they have more money to throw at it.
There is a useful cautionary lesson here: any technology that reduces the cost of X for all users of X is not a force of equality. Instead, it is a multiplier to any existing disparity.
If you want to reduce inequality, focus on technology that does not scale up and instead is preferentially empowering to those on the low end of the scale.
For example, medicine tends to be an equalizer because once you're healthy, having more access to the same medicine doesn't benefit you much. There is a natural upper limit to its efficacy. (Of course, being able to control others' access to medicine does scale up.)
Today we are getting it's better to be wrong with our side, than right with the opponent partisanship instead.
But it's as they say. In theory, but not in practice.
Many have internalized their position and they won't secretly agree. They won't even realize why they disagree, and won't consider objective facts. Some tiny minority may be aware of that, but many have economic incentive to continue their position, that mortgage won't pay itself after all. Thinking too much about it just makes it harder.
I'm trying to stay in theoretical level and not provide any specific examples except the RDF, because they could be too political/divisive/controversial, and I don't want to argue the specific cases or take sides, but point out to the phenomenon itself.
1. Targeting is much more sophisticated. Today you can round up every lunatic who hates squirrels or whatever by tomorrow morning and influence what people need to focus on.
2. Messed up social signals i.e. like counts/views/retweets/upvotes etc are just misguiding people left and right. If I don't know what to make of something/too busy/too distracted etc I fall back on these highly inaccurate proxies to make decisions. This is happening all the time and not just to the poor or semi-literate but too highly educated folks. Everyone is unconsiously nudged to support X or Y cause, org or person purely based on these numbers. Take those numbers away and it would be a very different world.
Of course I curate who I follow often based on the courteousness of their followers - so self-selection and all that.