It's not "extortion" - Facebook is under no obligation to provide businesses with 100% reach (or indeed any reach) for free. Facebook is not a non-profit or some government service - they are a business. And just like you want to make money for your business, they want to make money for theirs. [And if they don't make money they go out of business and that certainly won't increase your reach]

IMO Facebook should have never offered any free reach for businesses - if the only option was pay for reach nobody would be complaining. Because there has always been some amount of free reach there's an odd sense of entitlement.