If the business model is fundamentally wrong no amount of good will, governance or resources can turn things around. The only way (I can think of) for private, for-profit, social media to "trully care" (actually, just care a tiny bit more) is if their users (rather than advertisers / other third parties) were to become the paying clients.

This is about as feasible as a brain transplant. People have been conditioned that social media are "free", the gigantic valuations are based on personal data based adtech revenue, their true clients don't seem to give a damn about what kind of society and economy they engineered, and "markets" just cheer on.

So thats where we are.