Are you sure? The same arguments have been made, and are continuely made about video games, TV, movies, music, etc., they are just no longer in the forfront. It's not video games, its the content that's harmful. It's not TV, it's the content of what's on it that's harmful. it's not movies, it's the content of the movies that's harmful, it's not music, it's the content (lyrics) that's harmful.. etc... And now here we have social media, and the claim that it's different because of the content.
The content isn't the problem. (edit: that is subjective, as it's directly tied to what we as a society consider acceptable). The problem is we have devolved as a society, where we become lazy as parents, as a society, where we look for the easy way out (many laws, restrictions fall under the easy way out), and look to place blame on something other than who/what is actually responsible. Which has lowered our standards on what is considered acceptable or not. We as a society would rather restrict than parent, teach and educate. We are to the point that people put in more effort in looking for issues with nearly everything for the purpose of blaming.