I think there's a lively debate to be had around whether or not this is actually a bad thing. Here is my argument for why it might a positive force in society. Let's focus on the "torches of freedom" [1] event.
The key thing that Bernays did was associate a physical symbol (cigarettes) with a much deeper need/desire: women's rights. What if this really did lead a lot of women to advocate and assert their rights more? What if lighting up that cigarette was the first symbolic act towards deeper change? For a personal example, a year or two ago I felt I needed to make some radical changes in my life, and one of the first things I did was dye my hair blonde. That physical change paved the way for some deep psychological changes. It's very easy for us to judge the torches of freedom thing as "bad" because we now know that cigarettes are bad for health. But they didn't know that now. Actually, we can replace cigarettes with another consumer product that served the similar purpose of women's empowerment (without any of the health problems): jeans. Women wearing jeans was a big political act of rebellion back in the day. If the jeans makers capitalized on that and associated themselves with women's empowerment, is that a bad thing? I think the counterargument here is that people take on these symbols (cigarettes, jeans) as part of their identity and stop there. I.e. it's not the first step of a deeper transformation. You just get a surface level symbol of the identity you want to portray and then stop there.
The most important thing to remember about Propaganda is that it, too, is propaganda. Bernays wanted this book to help normalize the use of propaganda within the commercial sector since this is how he made his living.
> The conscious and intelligent manipulation of the organized habits and opinions of the masses is an important element in democratic society. Those who manipulate this unseen mechanism of society constitute an invisible government which is the true ruling power of our country.
> We are governed, our minds are molded, our tastes formed, our ideas suggested, largely by men we have never heard of. This is a logical result of the way in which our democratic society is organized.
It's pretty clear he is talking about propaganda in the modern sense - using rhetorical and persuasive techniques to bypass the target's rational decision making procedures in order to achieve specific policy goals.
Remember Bernays was an alumnus of the first truly industrial scale propaganda effort, the Creel Committee, set up to convince US citizens they should support US entry into WWI.
According to him, it
> bombarded the public unceasingly with enthusiastic reports of the nation's colossal war effort [...] Dissenting voices were stilled, either by agreement with the press or by the persuasive action of the agents of the Department of Justice.
> Intellectual and emotional bombardment aroused Americans to a pitch of enthusiasm. The bombardment came at people from all sides - advertisements, news, volunteer speakers, posters, schools, theaters; millions of homes displayed service flags. The war aims and ideals were continually projected to the eyes and ears of the populace. These high-pressure methods were new at the time, but have become usual since then. [...]
> The most fantastic atrocity stories were believed.
(- Bernays, Public Relations, 1951, via [1])
Bernays indeed saw this as desirable and necessary, and very much cast himself as a member of the "invisible government."
If you grant impeccable intentions and absolute probity to the "invisible governors" this might still seem a cogent viewpoint, though offensive to most modern sensibilities.
Realistically, though, modern history should have taught us the devastation that can result from adoption of propaganda as the primary tool of government, and its inimicability with true democracy.
Democracy proper relies on informed consent, and consent under a propagandising state can only ever be misinformed consent.
What he's expressing is a structural property ("logical consequence") of representative authority, applied to information, much like it is applied to power in democracy.
The point is that there's always a limit to informed consent, and that technocracy/"government of experts" is more or less an inevitable property of ("true") democracy itself rather than a choice.
That consent can only ever be misinformed is the point or at least the argument debated here.
Companies today frequently posture as supporting sociopolitical movements as a sales technique. Ex. All of the rainbow capitalism during pride month - even from companies which give money to anti-lgbt politicians.
Did Bernays invent this too?