There definitely was a Pandora's box opened with social media. It's hard to figure out what the right solution.
Since 2008, I have been advertising my alternative system of governance using Google ads. Now my ads are deemed "too political' by Google censors, so I lost my favorite vehicle to get people to my website.
If the goal is to minimize the effect social media can have on election results, I suggest taking a closer look at Tiered Democratic Governance (TDG).
In the TDG, electoral districts are sized to about 200 people in a "neighborhood". Neighbors will be electing one of their own (no parachuting) in governance. There is no hiding behind a party banner and party marketing machine. Most of the elected people have earned the trust and respect of their neighbors. In will be impossible for social media to move untrustworthy and incompetent people into governance in the TDG.
And people like Mr. Trump would not rise very far.