I think we're trapped in a structural innovation problem. Social media, no matter how it started, is now the pipeline for information. The internet is displacing old media forms but stalling out on that development.
The system is stuck in two local maximums: news publishers which use their own web properties as some kind of newspaper/television hybrid, and social media platforms which conceive of media as only posts, votes, & comments. They're both "monolithic architectures" (so to speak) which lack the kind of modularity or extensibility that would enable innovation.
On the Internet, we should be looking at information within the context of general computation. There are data sources (reporters, individuals, orgs) which get mixed with signals (votes, fact-checks, annotations) and then ranked, filtered, and rendered. An open market would maximize the modularity and extensibility of each of these components so that better media products can be created.
The social platforms are in a difficult position because they have total control over what's carried on their platforms, and so they want to assert a position of neutrality -- which is why they're adamant they're not media companies. But if they're controlling any part of the pipeline other than compute and hosting, they're not a neutral platform. They're a part of the media.
The way we've historically walked the tight-rope of misinformation vs censorship is to create an open market for journalism so that there's accountability through the system. I don't think we'll have an open market until we componentize social media and stop seeing journalism and the design of social media as two distinct things.