I don't know if these things become fundamentally hard to fix at their scale, like it's possible that a "hide" button becomes too hard to properly implement if your feed suggestion algorithm has to handle millions of users at the same time. It's possible, but sounds hard to believe, because a lot of the quality has degraded in only a couple of years, and they haven't become orders of magnitude larger in that time.
Of course, it would be very reasonable to claim that they simply don't care. But their websites do keep changing, so it's also not like they have decided to halt development of this part of the UX and simply focused on doing advertising right.
Personally, I still suspect that regardless of their motives, there's a high degree of corporate inefficiency.