The big problem is not that Facebook the company is picking sides, the big problem is that Facebook the company built a machine to pick sides, and told the machine to base its decisions solely on how much reaction content gets from people. So of course it over-prioritizes the worst, most shocking, most manipulative, most extreme content--because that's what gets the biggest reactions.
And the really big problem is that Facebook either doesn't understand, or wants to pretend it doesn't understand, why that is bad.
Understanding, accepting the implications, and doing something--that's what Facebook needs to do.
it's pretty hard to find a business decision that can be reduced down to "should we make money, or not make money?"
You can't simplify the issue down to there being one action that is more profitable and one that is less so. the world is more complicated than that. Forgoing some profit in the short term in order to gain some trust from the userbase may be more profitable in the long run. Or maybe it won't be. It's a decision that facebook's leadership has to make, and it's not as simple as "we'll take the option that makes more money".
Burning down my house would net me a nice payout from the insurance company, but it's probably not a good financial decision in the longer term. when looking at corporate motivations, it's easy to say they're going to pick the most evil choice if it's the profitable one, but business leaders aren't all stupid, and picking the evil choice is often stupid.
Let's be realistic. They're picking a side based on commercial motivations.