In the days of local papers, editors would learn the names of everybody in town, and would try to print things about them so people would buy the papers.
What "social media" companies are doing with "automated algorithms" are no worse than the massive domestic newspaper, radio, television, and entertainment company consolidation that has been permitted over the past several decades.
If FedGov is going to be fixing problems with the domestic news and entertainment industry, they should start by reversing that consolidation of control.