The internet runs on ads.
Ad companies pay for all the “free” popular social media we use. Ad companies dictate to social media what their clients want their ads to be associated with, not associated with, and drive media of all kinds to push inflammatory and click-bait content that drives engagement and views. It’s why you indirectly can’t swear, talk about suicide, drugs, death, or violence. Sure, you technically can unless ToS prohibits it, but if companies tell their ad hosts they don’t want to be associated with someone talking about guns, the content discussing guns gets fewer ads, fewer ads = less revenue, low-revenue gets pushed to the bottom.
So lowbrow political rage bait, science denialism, and fake conspiracies drives people to interact and then gets pushed to the top because it gets ad revenue. Content that delves into critical thought and requires introspection or contemplation languishes.
Ads are destroying society because stupid and rage sells views.
TBF, the original meaning of advertising was just that: spread the word about your product. Sure, praise it, add nice pictures, but that’s about it. People need to know that your product is out there, and what it’s like.
The systematic psychological manipulation only started in the 20th century, particularly when a relative of Sigmund Freud came to the USA (there’s an interesting documentary about it called The Century of the Self).
I largely agree with you though; algorithmic engagement is the worst incarnation so far. To put it simple: “Angry People Click More”, see more ads, and are therefore to be targeted.