I don't want to defend Facebook, but this is not specific to Facebook. We have legitimized the modern concept of targeted advertising and Facebook just happens to play the game perfectly.
Facebook is not 100% fault here (in fact there are others in this space). The fault is that we don't have regulation against something that is clearly detrimental to society. Change that, and Facebook will become better (or be replaced by something better).
Edit: to be clear, I do not want to defend Facebook. I don't use it, I hate it and its effects on society, and its monopoly on social media online is a constant problem for me. However, I don't believe killing Facebook by itself will solve the problem as it will merely allow an equally-scummy competitor to take its place.
Outlawing the underlying business model or making it unprofitable (such as by attaching liability to ads, stronger privacy protections, revoking Section 230, etc) would be a better long-term solution.