The specific companies are not contributing to each effect but on aggregate its a valid method of analyzing the societal impacts of the industry.
In my neck of the woods, if I tell people, "Amazon treats their employees like crap." They get it.
If I say, "Google can track your location with android phones so don't bring your phone to see your weed man." They get it.
I can even say, "Facebook is full of Ruskies trying to influence the election." They'll get it. They'll know what I mean and everything that entails.
But if I come at the people in my small town with, "Big Tech is what drives wealth inequity by disrupting traditional labor markets and causing data privacy issues. Which, of course, concert to cause knock on effects in the larger economy." Yeah, that's the kind of post-graduate parrot-speak that makes them look at my mother disapprovingly for raising such a pretentious ass-hat.
I gotta agree with the guy using the throwaway account on this one.
We, all of us, even the most rational and hard-headed, have buttons that can be pushed. Google and Facebook have gotten, and will continue to get, better and better at pushing our buttons, so that we will do things that may not be in our best interest. Advertisers have always tried to push our buttons, but never had access to the data, and the ML algorithms, that Google and Facebook deploy today. The datasets continue to grow, and the algorithms continue to improve. And no one is stopping it, and no one really knows how far it will go.