“Free markets” is an uneducated nonsense. An entirely unregulated market evolves into monopoly. Even without corruption.
Social media for me is just a tool (HN is also social media btw). I find it useful and it meaningfully interacts with the other aspects of my life. When it stops being the case (eg facebook and twitter) - I leave it behind.
As for the hierarchy: it had always existed and for better or worse the humans and other animals are wired for it. Likewise, they are wired for maintaining the total perceived fairness of the system - so the system eventually autocorrects the extreme imbalance. Often brutally, though.