The issue isn't the misinformation in itself. We've had misinformation before the internet and social media as well. The issue is algorithmic amplification of misinformation into cult-like echo-chambers for which these companies are themselves responsible.

And the solution to this isn't to let the companies responsible for the problem in the first place attempt to self-regulate with more black-box algorithms. The fundamental product they are selling is to manipulate people. There is a clear conflict of interest.