When Facebook was first created, there was no feed. We flocked to it because it was useful for a few important reasons: 1) communicating with friends, 2) finding events to go to, 3) organizing groups, 4) storing and sharing photos, and 5) meeting new people (sometimes). It was great as a tool to supplement your social life.

When they introduced the feed, Facebook gradually became worse at all of those things. Facebook became less about being a useful tool and instead became a media sharing instrument for serving advertisements. Your entire post is about that aspect of it though, and really it's the problem with all social media. The feed design is fundamentally incompatable with providing the utility that was initially offered by Facebook. The feed is purely a tool for distribution and consumption, not forging connections or otherwise improving the lives of users.