Social media went from a communications platform where people could post content and subscribe to receive other people's content (in a chronological feed) into something where the social platform decides what content you receive (via the algorithmic feed) in order to benefit the platform by maximizing engagement and ad views.

Conventional newspapers did the same for decades and have been bound by some laws and regulations as a publisher. Social media should be bound by the same laws since they've long ago switched from a "neutral communications platform" model.