Growing engagement is always required when your business model is to sell ads they'll see while engaging. Violating your privacy and collecting user data is helpful in this endeavor, but not required. Even if we fixed the privacy laws, the advertisements are going to be protected under free speech laws.

Ban these algorithms when left uncontrolled and without platforms moderating and being financially responsible for ~stuff? I'm not sure we have the political will to take it on like we did with the tobacco industry.

If we did? They'd pull a Phillip Morris and continue doing extremely evil behavior outside the USA.

This demon will never be defeated, but with some public awareness we can manage the damage. If we are to make any successful progress at all we need to be very level headed. Or pray we can crash the economy hard enough to kill these giants