They already are - or rather, they are deciding what is visible and prominent, and what isn't. When you share a post, Facebook's algorithm determine what visible it has for each of your friends - whether it's on top of their feed, lower, or completely invisible.
At this point it seems more and more likely (though probably not proven) that those algorithms are skewed to promote content that gets high chances of engagement - and that means content that provokes outrage or rage is more likely to be visible than a long-form, balanced conversations.
So in short - Facebook is not (and should not) be the arbiter of truth. But surely it's not unreasonable to ask that they don't actively promote incivility and (literally, uncontroversially) blatantly fake news?
I think that the only way to manage a social feed is for it to be really dumb: blocks, maybe best friends, etc. Of course, once you do that you've basically returned to email.
American society is still in toddler years in terms of political consciousness, but the worst damage happened in the years before the internet, not after. 2016 was a madhouse because that was us coming out of denial, thanks to the internet.
If you consider HN or Reddit as social media, then I guess I’m not done with news and social media. I like link aggregator sites over sites were I share my personal photos/comments with news mixed in.