With some of the legal discovery happening at Facebook, we know that the company did internal research showing that it's products can be addicting and detrimental to kids: https://www.wsj.com/tech/personal-tech/facebook-knows-instag...
That's why I make the cigarette comparison. They know it's bad, but it's profitable for people to be addicted to it. I think it's bad for adults for a different reason, I've seen adults in my own life get influenced by things they see online (conspiracy theories, pseudo-science around health and nutrition, political radicalization). And this happens because it's profitable for people to be hooked on these topics with false or misleading information, not because it's true. That's not to say this never happened before recommendation algorithms, but it's a difference in magnitude. I think that's the reason we are seeing such a dramatic rise in political polarization- because it's profitable.