It's not that the testing the conversion rates of button a versus button b is in and of itself immoral, it's that experimenting on people without their informed consent, under any circumstances, is. I'm intimately familiar with FBs platform as a developer and a user and its my intuition that 9/10 people aren't aware of the degree to which they are being experimented on via multivariate testing and I think a reasonable person would say they have a right to be informed of this.
Another note is that after years of using the platform I can tell that when non-technical people DO become aware of the fact that their experience using the application is sometimes fundamentally different from others because they're in a non-control bucket they generally react pretty negatively to the notion. Sure, some of this is the standard "users always hate every UI change no matter what it is" syndrome but I've noted a lot of "this is creepy and i wonder how much it's been happening before" which is, imo, a super legitimate response, and shouldn't be disregarded because its inconvenient for fb to get consent.