MacLuhan and others have already talked about this, from way back in the radio and TV generation.
I don't say this to mean, "oh, and they were wrong because everything turned out OK" If anything, we have had generations that grew up with this dysfunction in a normalized way, and it took another advanced in tech to really see it again.
(To take it further back into history, I think I now get what Cervantes was trying to say with the image of Don Quxiote tilting at windmills. It seemed so absurd, amusing, and quaint when I read it as a teen).
If anything TV and radio presented a larger shared reality, even if it was one filled with falsehoods. What is culture but a shared set of values?
What we are growing now is a system that can give each and every one of us our own reality, and if it succeeds, what of society?
Without a massive cultural revolution putting the brakes on this, which I can't imagine coming from anywhere, I fear we're barreling into a future where nothing is true anymore, a hall of mirrors where the capacity to fake anything at all far surpasses anyone's ability to make sense of it.