As I've mentioned before, there was a time when traditional newspapers being outcompeted into oblivion by network media would have seemed like good news to me. But that was when most network media were community-controlled and non-commercial. Locally-based, commercial outlets being driven out of business by corporate-owned propaganda machines, masquerading as neutral 'social media' platforms, was not the outcome I was hoping for.
As others have pointed out, in social media - like the fediverse - what people see is determined by what accounts they subscribed to (or "follow"), and what the people operating those accounts are posting. A platform stops being social media the moment the visibility of posts is determined instead by recommendation algorithms. At which point they become recommendation media.
I definitely want to see social media replace recommendation media as the dominant form in network media. But I've come to believe there's also a place for media where we can consistently find the work of professional journalists. Which means we need, as societies, secure sources of funding for entities that employ and support fulltime journalist.
The big questions we urgently need to answer, are how do we pay for that, and - closely related - how do they secure editorial independence?
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