> connect with friends an not much else

Not necessarily. Breaking the companies up will foster innovation via competition. Who knows what will come out of it? Will it be better than Facebook burning stacks of cash on Zuck's latest fancy(XR/AI/?)? How long will the market be confident in his dollar pyromania? I will short that company like there's no tomorrow if I was in any position to do so.

This is more my opinion than time and market-backed statement but I don't believe addictive design is good for the long-term market positions of those companies because they may be addictive now but a lot of people loathe them* and are looking to escape from their design. They will jump on whatever comes next and not look back. What's good for the company long-term is to provide value to the user - local groups, FB marketplace, etc and become embedded in the culture and society.

* needs citation but it looks like the article supports this view

Sure, I also hate what all of this is doing to society and people more generally! But it's also fair to say he is actually correct in saying that social media as we know it is over and it's now about generic content consumption.