I don’t necessarily think the blockchain is a good solution to fix the problem.

There’s a couple of issues that come with having social media on the blockchain:

1. Nothing can be deleted, meaning there’s no way to delete large amounts of illegal content that would inevitably be posted
2. As far as I understand it’s extremely difficult to scale blockchain so that it could support enough users to create a competitive social media.

Blockchain could in theory fix the issue of monetizing social media using a digital currency for profit instead of people’s personal data, however I think a subscription based social media is a better and more practical solution.