This has always been the case for as long as society has been consuming the news. “Business tycoons” have bought up newspapers and media outlets since forever to push their narrative.
I think one component that has changed is the sheer volume and diversity of media makes competition for your attention (clicks) all the more fierce. Enter The Algorithm and optimizing for metrics above all else.
I dunno. That doesn’t invalidate anything about the original question about what present day would be like without Facebook. Would something else similar have replaced it? Is Facebook really “the problem” or is it algorithmic content because algorithmicly driven content was going to happen facebook or not.