Both things can be true. Some dangerous drugs are excessively criminalized and that causes enormous problems. Others are legal but heavily regulated, like alcohol and tobacco. Some are legal and insufficiently regulated, which causes enormous problems too: see for example the ongoing opioid crisis in the US.

Nothing good comes from denying the dangers of an addictive drug, or leaving its distributors free to misbehave without consequence. That is the current situation with social media companies and their enormous influence on our minds.

I don’t think we should ban social media. But not holding multi-billion dollar social media conglomerates accountable at all is lunacy.