Having seen the mayhem wrought on our country by letting lies and unchecked bragging (also unlikely to be built on a foundation of truth) run rampant, I see a benefit to society in having an algorithm prevent their publication.
As for limiting mega-wealth, I still believe in the American dream which, in theory at least, lets anyone from anywhere become anything. Except--the full scope of the American dream has never been possible for minorities or immigrants. Modest success, small business success, is attainable for anyone. But if you look at a portrait gallery of billionaires you would see mostly white, male faces. It would be less of a problem if they paid their fair share of taxes and gave back more to their fellow humans.
While I don't agree with their political philosophy, I think China may be onto something with their regulation of social media.