Both may be a net negative to society, but the major social media companies collect quite a lot in advertising revenue, and are thus profitable to the shareholders.

OpenSea was only profitable while there were still suckers available. Not at all the same.

Instagram is more like Exxon or something. A very profitable enterprise whose social harms may not be adequately internalized, and would require legislation to fix.

profitable != providing value

There's a ton of cool tech that provides a ton of value and makes little to no money.