Here’s something I wrote a couple days ago (https://news.ycombinator.com/item?id=33224347). It’ll tell you how one component of Meta’s content moderation works. Read it and tell me if it made you suddenly increase the level of trust you have in them.
What will actually happen is that you’ll cherry pick the parts that confirm your biases. Happy to proven wrong here.
It would be nice to know why the meme I posted got flagged because it didn't meet Facebook's vague 'Community Standards'. These platforms are enormous black boxes where their decision is final and there is no way to appeal, short of literally going into their building and asking to talk to the manager, which is outside of many people's scope, and not worth the effort. They would rather let content get censored than go out of their way to appeal.
https://transparency.fb.com/en-gb/policies/community-standar...
https://www.google.com/search?tbm=isch&q=community%20standar...
The trouble is, that's not my primarily distrusted thing about facebook; I don't trust that the power they have to shape people's opinions by deciding what to show them, won't be abused to make people think things that are good for facebook but bad for society at large.
So while that article does increase my trust in facebook in general, the magnitude of that increase is miniscule, because what it addresses is not the reason for lack of trust.
But you're right that transparency wouldn't solve that. Because it's only the first step. If facebook were to transparently say "we are promoting far right conspiracy theories because it makes us more money", and provide a database of exactly which things they were boosting, while perhaps I would "trust" them, I certainly wouldn't "like" them.