"on social media it is easy to mistake popularity for credibility"
I wouldn't say this is limited to social media. This flaw is present in search engines as well, which is why link farms work (and search engines are in a constant, futile battle against them). In politics, it's why astroturfing works and why the more you spend on saturation advertising, the better your chances are. It's really a flaw in human nature--to confuse popularity for credibility.
I'm convinced that anything out there, online or off, with a ranking system that relies on popularity (counts of links, likes, eyeballs, votes, etc.) is ripe for disruption. What's the alternative way to separate genuine credibility from fake (purchased) credibility? Figure it out and you'll be a billionaire.