I think the worst part about social media is the model for monetization and the incentives it creates

Certainly, but this can be said of quite literally any business endeavor - but I don't see people getting up in arms about other types of business in such an abstract sense - there aren't large groups of people calling for us to ban video games entirely [0], but we do advocate for, at the least, mitigating harmful practices such as loot boxes.

0 - Yes, some people do, but I think we can agree it's not nearly as popular a view as those pushing against 'social media'