I don't think it matters really. If Facebook's current practices cause, enable, or magnify harm to society, then there are levers that should be pulled to minimize that harm.

Facebook is, in part, a tool for distributing misleading information on a massive scale. We control tools that cause harm even if those tools are inert or even beneficial if they're not used by malicious people. Facebook has no institutional or economic reason to reduce the harm it causes, and it's the role of government to reduce harm when the market has failed to do so.