Everyone seems to get that social media is having bad outcomes but I don't think people are understanding why. To be blunt: "Perverse Incentives" and "Traffic Prioritization"
That is, it gives people incentives to post things other than friendly updates or pro-social communication...and two, it does not expose those ideas linearly and fairly...it exposes some ideas to people more and hides other ideas.
What you get when you apply those things is an ANTI-social media platform...a propaganda machine. If you want to "save" social media, we must remove all the perverse incentives; no more marketing, no more "likes," no more "views"...all that nonsense...and we must remove the prioritization of posts; posts should appear as a straight timeline, in order, all showing up...and no algorithm should be pushing who you "friend" and what posts get shown. No arbiters of truth, no curation, no censorship...just sensible rules against threats, inciting violence, etc.