I regard social media as smoking up until the 1960s
More like 80es outside USA and UK, but I see you point.
The issue is, we have not accumulated the same amount of evidence AGAINST Social Media. Yet. It will also take much longer to accumulate it as it is media. It does not need to go and bribe someone else the way the Tobacco companies had to do. It controls the public opinion directly.
I would not be surprised if the final effects are not that different. Our neurochemical balance did not evolve for the amount of (mostly negative) stimuli you get from heavy social network usage. This has to be messing up with LOTS of things, it is only a matter of time for the scientific results to start showing it up.