> When I see the term social media, I associate it with one way relationships

I agree entirely with this. I think that it's helpful to remember that "social media" arose to differentiate itself from "traditional media", the social piece is a descriptor not a function. Traditional media has been one-way, and the goal of corporations has been to make social media largely one-way as well but to make it feel like it's not. Social media exists mostly to serve influencers, brands, and celebrities and all of us are eyeballs to monetize.