yes and yes. a system can fulfill it’s function while simultaneously having massive impacts on society. we are only now experiencing the consequences of social media running rampant.
social media is not running rampant, and, social media is only a tiny fragment of 'the industry'.
Progress have massive impacts on society, printing press was running rampant and caused massive issues, protests, civil wars and in the end democracy. Historically giving people more access to information and communication has always been a good thing even if it caused problems short term.