At best, these serve as an indicator of quality for the public, but that function can be replaced by curation and validation by social media staff, or even just outright payment directly to the company.
At worst, these metrics are designed for social addiction anyway.
The 'like' button on Facebook was only introduced in 2009 anyway, 3 years after the platform became available to the public.
We probably need regulation to get to that point, but social media companies might very well make money money from this new world anyway. Moving towards greater user direct payment might also lessen reliance on advertising.