Social media is also a wonderful tool for influencing participants and controlling them in the long term. In other words, behind the economic purposes there is a darker, more profound effect that is dangerous in the hands of a few powerful players. In the case of TikTok, that would be the Chinese state. Why shouldn't US Big Tech also be interested in this kind of power, in addition to the extra revenue?
Yup, which is also why various social media owners bent the knee to the administration, and now TikTok is about to become state-controlled too. The long term effects of subtle social media propaganda will become apparent in the years to come. Or, will be vocalized, they already are apparent - I'm convinced social media and related, 24/7 "news" media are a big factor in the right shift in politics worldwide.