There's nothing exclusive about social media in this regard. Any Web application that could do that, tried to do that. Web search engines? -- didn't they try to tailor search results to your profile (or paid advertisement)? Retailers? -- didn't they try to suggest related goods based on your profile (or paid advertisement)?

Everyone on the Web who used ads wanted to know your profile and wanted to manipulate the contents they provided to you based on it (and the wishes of those who pay for the ads).

Again, the problem is not the social media. The problem is the Web.