Social media isn’t a good? I don’t understand your point.
I think it ceased to be a good when it switched from empowering users to force feeding users. For example, Facebook's early "people you may know" algorithm was spectacular. It allowed me to reconnect with a long lost childhood friend and made it easy to find members of my community. However, that changed when it switched from being something that I could choose to use to the algorithm force injecting stuff into my feed.
That’s a good point. The Billionaire class lures us in to accept the trade-offs, and then they can do whatever they want after we’ve long accepted the downsides of trading away our privacy.