Any centralization of power, at large enough a scale, will escalate to such problems, it's not limited to social media.

One tech field where this kind of centralization is now at similar levels with social media is cloud computing, where a handful of giant actors (AWS, Azure, GCE) hold 99% of the market, providing cheap solutions at the hidden cost of an increased centralization of power.

I believe the paradigm shift on social media cannot operate on the application layer if it is not also met with a similar paradigm shift on the platform layer, otherwise it will only transfer this power to hidden entities. Decentralization is becoming more than a buzzword, especially with net neutrality under assault.