It's a multi-faceted issue really. starting in 2020 we had covid, which by itself was massively depressing. Many of the issues from there have simply compounded on top of itself. As covid's scare fades, so will the associated depression. However that doesn't alleviate SM's contribution to the problem.
Also the message that social media may be bad for kids MAY have triggered some parents that have at-risk kids to employ SM bans.