Intellectually many want this. But the feed shortcuts our reptile brain and gains more engagement minutes / day. As you say, the algorithmic feed is superior for creators wanting reach, and more importantly, advertisers who want eyeballs on their ads. Due to network effects, it is likely impossible to get friends and family to join a boring and non-profit alternative.

Instead of pausing social media altogether, I recently took some time off from the endless scrolling feeds only. When returning it's so apparent how everything is bait for engagement.

The feed hijacks the human attention process on a visceral level. Either with visual stimulus that's extremely intriguing for evolved apes like us (cutting a cake that looks like a dog), or by activating an emotional response from a tribal species like us (stupid takes on politics, in- and out-group stuff).

The rest of most social media apps is fine and offers much of what you are asking for.