The real problem is when Facebook uses that content to further their business interests. Likewise, the publisher shouldn't be sending that rejected manuscript around for others to mine for ideas.
(that said, to avoid the temptation that gives rise to this precise problem, it's common practice for publishers to return rejected manuscripts)
That argument makes no sense if you're talking about publishing, AKA making something available to the public.
But the real world of production computer systems is not always the happy path. Consider the case where you delete your account, then the service suffers a database problem, and your content doesn't actually get deleted (failover to a replica, restore from backup, etc.) Now they are violating that contract with you. That is why they make the terms of the contract "in perpetuity" so the engineers can fix the production system incrementally, rather than saying "welp, there's a risk of a lawsuit if we failover to the backup, so we're shutting off the website and paying back the shareholders, everyone go home, we're done here".
Like I said, some companies take a middle ground where they really do guarantee deletion even if unhappy events take place at exactly the wrong time. It is possible. It's just not very economical.
If this was just about liability, the terms could be much narrower. They're intentionally broad to guarantee the maximum benefit to the platform and allow them to come up with other uses for that data later on.
This is exploitative and only works because of the power imbalance between platforms and individual creators. Even if you follow the idea of the "free marketplace" you'll have to acknowledge that creators have no individual leverage when it comes to platforms with "take it or leave it" ToS.
Google has a guarantee on when your deleted data disappears from tapes in vaults, and it was something that every engineer at the company had to think about (not to mention a ton of work in actually implementing it). You may wish for Some New Startup with 2 engineers to do it for you, but it's hard, takes time, and nobody actually cares. Look at how many people use Patreon despite that policy. Why spend years of engineering work when your lawyer can get the problem fixed in 5 minutes? It's just economics.