Facebook is a corporation Kradie, did you really expect they would choose humanity over profitability? Lmao. They'll do anything for profit as long as they are allowed to.
A better argument against social media for the individuals would be on mental health aspects. How, especially teenagers, getting more depressed by comparing themselves to their friends on social media, in which they only showcase the positive fragments of their lives. Or how they are getting more lonelier by having a fake connectedness.
I quit facebook, instagram etc. long ago. I just keep some close contacts on whatsapp, and leave former acquaintances as memories rather than as fake friends on social media. I don't need a place for people I won't care, it's just a waste of time.