If social media sites are well-designed, what does that say about their purpose?
To play along with your analogy: if social media sites are well-designed, they do what they're supposed to do: communicate information or misinformation. And just like how we don't crack down on knives even though there are plenty of stabbings, we shouldn't be cracking down on social media & online speech even though there are plenty of liars and idiots who spread misinformation.
A well-designed system does what it's supposed to. Facebook's either supposed to be addictive, or it just is by accident. If it's by accident, it's poorly designed. If it's not, it has an objectionable purpose.
There's no doubt that Facebook can negatively impact one's self-esteem and life, but that's like any entertainment. Even alcohol addiction is better understood and arguably more brutal, yet the only restriction on alcohol is an age limit.
Some info: https://www.livescience.com/49585-facebook-addiction-viewed-...
There’s an old saying that I absolutely love: I am only responsible for what I say, not for what you understand.