Facebook has no incentive to change, and it won’t.
In a sense, FB has figured out the formula its precursors couldn’t: how to convince end-users to do its own work.
In other words, the “content” of FB is meaningless to FB. As long as we users generate content, we are effectively subsidizing the company. FB doesn’t have to DO anything. Just write code, support the site, keep it working, “innovate” little bangles and bobbles to keep users excited, etc.
FB is what AOL wished it was fifteen or twenty years ago: a closed online destination; a ‘web’ within the web, from which there is no reason to leave.
That most of the content there is useless and/or unproductive is beside the point, and while FB can officially pay all the lip service in the world to wanting to change, purge fake news, be more engaging, facilitate deeper discourse, it won’t, as there are simply no incentives for it to do so.
It is, in other words, working absolutely correctly as a business model.
We are the biggest suckers for enabling it.
Oh look! A like! A Dopamine hit! Off I go!