That's a weirdly optimistic view of technology. Specially the comparison to homophobia and racism. Yes, tech has solved people's basic but real needs for communication, banking, entertainment, etc. Then after a certain level, without aggressive dark patterns, people's needs for tech were basically met. No one needed social media, we needed social networks. No one needed inescapable "algorithms"¹ besides the ones trying to screw us over. What is this "status quo" you're talking about? And what is this technology progress that is threatening it?

¹ using the term "algorithms" here in its colloquial non-tech sense.

I personally love social media because it brings different cultures together. Infinity immigration has been tried but not in a nice way. Next best thing is social media - bringing cultures together in a marketplace and having ideas beat eachother is important for a civilisation.

Without social media you would have corners of culture getting stuck on whatever ideas they had from 2000 years ago. With social media these stale ideas get beaten by good ones.