You're presenting a false dichotomy. We don't have to choose between unethical corporate actions or no social media at all. Facebook could exist quite happily without applying any content selection algorithms to your feed. If your feed was literally just a chronological list of posts by your friends, with some interspersed advertising, then they (and you) could claim with some legitimacy that they aren't responsible for any fundamental negative effects of social media.
That's not the situation we're in. In addition to social media presenting some issues around public discourse and misinformation, Facebook is actively encouraging more and more extreme engagement with their platform by explicitly selecting for polarising content. It's this second part that people are taking issue with.
By the way, the solution does not require any censorship (as you mention in your comment) but simply that Facebook stops actively selecting content for your feed (which is itself a form of censorship!)
That's not the situation we're in. In addition to social media presenting some issues around public discourse and misinformation, Facebook is actively encouraging more and more extreme engagement with their platform by explicitly selecting for polarising content. It's this second part that people are taking issue with.
By the way, the solution does not require any censorship (as you mention in your comment) but simply that Facebook stops actively selecting content for your feed (which is itself a form of censorship!)