People made the same arguments about violent video games (a major panic in the 1990s), about youth literature, about Dungeons and Dragons, and so on. All about depraving children and getting them hooked on smut for profit.
Social media is "adversarial" in the sense that yeah, most platforms want to maximize engagement, and maximized engagement might not be best for you. But that's also the relationship you have with companies selling you sugary food or expensive shoes. They're not your friends and they want you to spend money in ways that might not benefit you. We manage.
Ultimately, you have agency to shape your experience. You're not "addicted" to it any more than one gets "addicted" to chocolate or Louis Vuitton. Social media ended up replacing social life for many teens, and it's probably useful to ask why - this isn't Mark Zuckerberg's design.
At some point, adults in the developed world decided at some point that it's not OK for children to play unsupervised outdoors, walk to school on their own, and so on. It's probably a function of increasing standard of living and plummeting birth rates. Just 50-100 years ago, you had multiple children with the expectation that not all of them will make it to adulthood. Nowadays, most families will have one kid - their single most important "investment" - and they have the means to tightly monitor and control their physical environment. The internet is sort of the only place where you can meet with friends and have fun unsupervised. It's an escape hatch.
I don't see how banning or regulating TikTok or Facebook really solves this.