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It’s certainly possible. If we the people cared enough about the impact of social media on society we would demand funding from our government, if only in the form of a grant or similar.
I’m wondering how long it’ll be till social media is basically a ‘solved problem’. As in, there becomes available a foss clone of Facebook (or whatever) that’s close enough to be useable and enjoyable. If such a thing were set up with ads design need to cover costs not maximise profit (and therefore there aren’t as many) or with a reasonable priced ad free tier that covers costs and only a modest profit then would people possibly be attracted to such an “ethical” offering?