Traditional media was constrained to the TV, radio and newspapers. It didn't try to take over human communication. You could opt out entirely and still be able to participate in society just fine.
Social media is a cancer that spread to a lot of day-to-day necessities and keeps spreading - some businesses don't even have websites anymore.
>some businesses don't even have websites anymore.
I think that opens a differnet discussion altogether. Yelp can be considered a "social media". It's a website where users provide content (in this case, reviews) with some various algorithms made to encourage businesses to play ball to get high visibility. but I doubt any of the proposals discussed here would affect Yelp. Kids sure as heck aren't concerned with ratings over businesses they often can't pay for.
So would it be bad if a company lacked a website and relied on Yelp, whose goal isn't the same as Instagram's?
"Quantity has a quality all its own" (presumably by Stalin)
Traditional media was time and place bound. Its reach was maybe 10% (at most!) of that of social media. Social media is always on, always available.
That changes a lot of things.