The profit-driven internet will eat itself, repeatedly.
But we should not expect a return to the "old days" : remember, a certain level of computer literacy was required then, and the amount of content available on the internet was many orders of magnitude smaller : someone could google some obscure subject, and come across Eurotrib.

The libertarian approach won't cut it; what is required is publicly-funded non-commercial social media.

My preference is for the European Union to provide it. (Content moderation policy should be fun.)
Well, who would YOU trust to provide a neutral platform?

_{It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II}