Before, the Internet was mostly inhabited by people who wanted to do something specific, and were at least minimally invested - they had to actively use a computer to access things on-line. Nowadays, the Internet is inhabited mostly by people ready to judge you while sitting on a bus, because their phone buzzed them a notification that their friend retweeted a story about some stranger being outraged that some other stranger retweeted a link to your SE question.
I am tempted to think the amount I have used social media and my smartphone has actually declined since 2014, and in the case of facebook I suppose it considerably has, but I'm not sure I haven't just replaced it with other compulsive clicks. So in that sense I must agree things have probably escalated a bit, but I can't point to a single event over the past decade to create a turning point.
A main difference between {MySpace, Facebook, Twitter, Instagram, etc.} and {reddit, hn, chronological forums, etc.} is that the former heavily rely on following/friending (i.e, establishing your social network) while the latter do not. Thus, the latter are not "social media" in the sense of media existing in a social network.
Also, I find that when replying to something in the former I'm thinking about the person (I know them, in some sense) and what they said, while in the latter I'm thinking almost exclusively about what they said (I probably don't know the person). The latter lacks that social element.
What was once a bunch of individual sites, forums, chatrooms, etc., is now concentrated on a few companies (facebook, google, reddit,...), which are not that interested in content, but more into advertising and pleasing advertisers, and earning money, and advertisers, and ads and money, and less on their users.
This meant that everything had to be policitally correct (unless it was deemed acceptable to target a specific group), moderators got more powers, more thought bubbles and echo chambers... and now everything is going slowly downhill.