We're dealing with the net result of a few different forces. Social media has enabled a massive avalanche of misinformation, and of this massive avalanche of misinformation, some subset of that new avalanche gets removed.
The net effect is that there much more misinformation than there has ever been before. Despite the best efforts of twitter, facebook & youtube they appear to have been virtually powerless to halt the spread.
The problem of social media CEOs having too much power is real, and has wrought real damage: Zuckerberg's naive ideas on speech have lead to far too much harm, and now that he's recovering from his free speech trutherism and implementing reforms it's too little, too late.
Lastly I would say that if you are looking at this state of affairs and seeing 1984 or fahrenheit 451, you're seeing things wrong. There are fair examples of that, e.g. Hong Kong, mainland China. But the western internet doesn't fit that at all.