Nielsen TV and radio ratings are the functional equivalent of "an algorithm that rewards CTR", and that system rewards polarization and outrage in exactly the same way. "If it bleeds, it leads" is the longstanding mantra of TV news.
IMO the problem of public trust in institutions has one answer: democratic accountability. In the US, the news media claims to be the watchdog of our society, and to act in the public interest, but there are no mechanisms for public accountability. Who decides what topics should be covered? Who decides what angle to take? Who decides what makes the front page? Who decides whether something is newsworthy or not?
None of these decisions are made with any connection to the public that the media purports to serve. In fact, the lack of connection to the public is considered a virtue. Journalists legitimize themselves by claiming to be neutral, objective, rational, principled, virtuous, beholden only to the truth and above the fray of partisanship and self-interest that warps the opinions of the public. So the media claims to be legitimate and trustworthy, not because it has democratic accountability—but because it does not.
The fundamental premise of the institution of the media is that democracy is fatally flawed and the public can't be trusted. That's why what's happening on social media is characterized as a problem of misinformation and public susceptibility to propaganda—the cure is greater control of information by a credentialed elite. Bt the real problem of social media is that a small percentage of the population are able to gain influence because the US electoral system grants them disproportionate power. Social media is a way of coordinating a political movement, not fundamentally an issue of truth and lies.
The problems in our society and on social media come from too little democracy. The media represents them as problems of too much democracy, and that tells you everything you need to know about their basic political commitments.
Frances Haugen's twitter bio says "We can have social media that brings out the best in humanity." Who decides what is the best of humanity? This won't be a democratic process, but yet another elite group of purportedly neutral and objective "experts and academics" from expensive universities. I can barely imagine a darker authoritarian project than to try to get private social media companies to manage the thoughts and feelings of their users so that it meets with elite approval.