I hate it as well, and if I could come up with some new way of advancing our species aside from free speech I would. I cannot and cannot see how such a thing would ever be possible.
Here's a bit of sunshine: the human species has not changed in thousands of years. We're still the same hairless monkeys we were back when people were thinking up all kinds of cool shit. Knowing this, it follows that 10% or so of the population are, well, nuts. Another 10% are so are willing to do anything to become famous. It has always been this way. (Of course, I'm just guessing the exact numbers)
What's happened is that these folks are using this wonderful new instant worldwide publishing tool we've made to continue their pathologies. And companies are happy to make money letting them do so as long as nobody gets too upset. We are now reaching the point where lots of people are getting upset and those companies are running around like a single fireman in a city on fire trying to figure out how to make their business keep going.
The good news is that we're still the same species as before, and we've solved over and over again the problem of what it takes to have a peaceful and progressive society. The problem we have is that social media should not exist. It shouldn't be regulated, broken up, or any of that. It simply should not exist. The incentives here are not aligned with the survival of our species (There's a huge discussion of what to make instead. That's for another day)
I think the problem is not easy to solve, but it's certainly easy to explain. It's not the end of civilization as we know it, at least it doesn't have to be.