Facebook's terribleness runs much deeper than targeted advertising. It's been hostile and condescending to its users from day one.
IMO it should be outlawed to profit off intentionally wasting people's time and promoting inflammatory content for the sake of "engagement", but drafting a law that would effectively cover this would be a major challenge (you could argue that the people doom-scrolling Instagram want the engagement-generating inflammatory content they are being fed), so my next alternative is to simply strengthen privacy regulations to make this kind of business unprofitable.