Social media does have a place when it's actually social media which means it's meant to bring like-minded people together to socialize.
So it can be a good thing when it helps you find a friend group or a bunch of guys to play Warhammer with or whatever.
The problem is that as soon as profit motive kicks it the goal is going to be to get as much engagement so you can do as many advertisements and steal as much data as possible. What's worse is that these platforms make money either by selling your data or advertising. The date is selling is obviously bad advertising by itself should be relatively harmless but online advertising just doesn't work. It's barely functional for branding exercises at best and completely useless for direct sales.
It is however very good at finding suckers and marks and people to victimize through advertising so virtually everything on social media being advertised is a scam. It's actually a great way to find out if something is a garbage product look and see if you can find ads for it online when you're in private browsing or using a VPN and if you can odds are good that product is trash.