It's a for profit business, how much control can even the Aussie Nannie state want. Unless they can prove that curating the feed is "harmful" shouldn't the customers decide what they want by voting with their $$$/Presence?
Here's the flaw in your logic. The vast majority of their customers WANT to turn this s**t off. But they put up with it up to a point or they don't. Either way, it doesn't matter as long as there are enough people who are engagement junkies who eat it up and therefore drive up ad impressions. They could lose 90% of their users, and if the other 10% increase their usage 10x, they're still ahead...
... but while the company may be ahead in that situation, society is still harmed by the other 90% not having access to a usable service. And of course, not all of those 90% will jump ship. Many will suffer silently while being harassed relentlessly by garbage posts by creators that they think you'll "enjoy".
I wholeheartedly agree that while algorithmic feeds are fine, there MUST be an opt out, and it cannot be like Facebook's "Most Recent" sort that disappears on its own every week or so. No matter how many times you tell them what they want, they shovel whatever s**t they want. It has reached the point where I almost never go on there anymore, because instead of being able to interact with the contents from my friends and groups that I follow, I'm constantly getting bombarded with mostly garbage posts and ads, with less than a 1:10 signal-to-noise ratio.
Please force them to do this, and to all the other governments of the world, please do likewise.