COVID-era “fact checking” went way beyond its remit and started to become a political tool. This had negative consequences for the average person’s trust in institutions of all kinds, because people really don’t like it when you attempt to police their individual political speech, even if it’s clearly inaccurate (as it so often is). It’s a good thing that it was removed.

The problem with Meta is the monetization and engagement model, not the lack of fact checking.

I just want to add, that they (FB and other big social media) probably understood what propaganda power they wield after 2016 facebook and cambridge analytica scandal.

Personally - I think that this was the moment when silicon valley billionaires without shadow of a doubt understood that they have power what used to be reserved only for state actors. Bonus - for using that power they get fined penny on the dollar at most or just slap on the wrist.

Update: now situation is even worse - states actively buy propaganda with social media companies, making those companies even more rich and influential.