Are you able to step out of your campus/post-campus bubble, or just 'wilfully ignorant'?
I use FB when required for family events, and for niche advertising.
The vast majority of my family and peers use it, for a variety of reasons, almost none of which is toxic or insidious.
Facebook is a reflection of the the internet itself: you have your ice cream blogs, videos about cats, your CNNs, Foxs and the occasional Newsmax turds, very angry social justice types, weddings, funerals, sales, new toys, new interiors, babies, graduations etc. etc. That's life.
I was wary of Facebook right form the start, with Millenials foolishly handing over every little bit of their personal lives thinking 'this was the future' ... but also wary of Facebook now, largely for the same reasons, though the evolution was always a little bit obvious if you think about it.
People were way too upbeat about it then and way to downbeat about it now. Realize what a narrative and try to get off of it.
Facebook was always gossip, prone to bits of otherwise tawdry trash, but otherwise normal for any given era.