He's not wrong. It's also why American democracy has become so destructive around the world. When you want to represent the so-called popular interests of one nation in a republic, you'll see what happens to so many regions in Latin America, Asia, and the Middle East. The problem though is probably more about America and Americans than social media.
From the genocide of indigenous peoples to slavery and the civil war, and Vietnam, Cambodia, Afghanistan, Iraq, Korea, Bolivia...
America and Americans have been like this long before FB. Giant corporations, including Apple and FB, have always been part of it--often to extract resources or maintain political interest. Cook was cozying up to Trump and barely ever standing against him, but he takes a hard stance against FB.
FB's awful, no doubt, but they're not the problem