> that a social media site can have such enormous influence on one's perception of "reality" is staggering and it should die and die quickly.

You say this as if humanity has not been fighting over the long-distance communication of information for literally the entire history of human civilization since the invention of language. Even before written language, storytellers decided what oral traditions they would or would not pass on, changing it each time they told it. Replace "social media" with "broadcast networks" or "newspapers" or "scientific journals" and it is the same issue.

You don't have a world in which 8 billion people are connected (or even 1 billion, or even 1 million, or even 1000) without a few intermediaries whose purpose is to distribute some but not all descriptions of reality to a public audience, and who gain immense power through that.