That's not the pattern I've seen, as close as you are to it.
I've seen lots of platforms be wildly useful. Digg was good for a while; StumpleUpon, Pinterest, Instagram, TikTok, Twitter, Reddit and even Facebook all had periods at the start where they added real value to people's lives.
At some point they start to "optimize for some profitable metric" - and quickly become heinous.
The problem isn't the algorithm; it's that it gets twisted toward profit. And that's basically a tautology - once you start trying to suck money out of the equation for yourself, that juice has to come from somewhere.
I can envision a platform that isn't based on profit being far more useful than harmful - if it can only ward off the manipulations of the yacht class.