Which, again, has always been the case. It’s a very new phenomenon where an individual can deliver speech directly to thousands of people. The media were the gatekeepers of information and influencers of mass opinion, and they would frequently run stories with counterfactual information that suited their purposes.
Companies have always tried to run parallel, unelected governments. Whether it’s “company towns,” banana republics, or social media restrictions doesn’t matter.
No, I think the root of the problem is that the ability to disseminate information widely across a population is not a good thing. I do think there should be real regulation on mass speech that is proportional to the audience size. If you have 100k followers on Instagram, that should come with some responsibilities.