Maybe. That's a somewhat different issue though. The police had us implicitly make the site more attractive to predators, making it even more dangerous than it could have been at a baseline while still having us work hard to prevent it.
On the issue of the baseline, though, I think this is a tricky thing. The alternatives teenagers used at the time were far more lax in their enforcement and moderation policies, but because they were made by bigger companies they got a pass from parents.
The idea that we can keep teenagers completely away from dangerous things on social media feels a lot like abstinence education to me. The reality is complicated.
But I don't think we were perfect - tbh I don't think we were at all well equipped to the responsibility. But I do think we tried.