What do you define "social media" as? If it's communication kept within circles of family, friends, colleagues, and enthusiast/interest groups, I really don't see much problem with it, just as forums/blogs/etc before it.
The two big problems poisoning this well are:
1) monetization usually reaches for manipulating people's personal socialization stream, and
2) public broadcast of personal content to the feeds of strangers, usually the most inflammatory subset because of point 1.
The two big problems poisoning this well are:
1) monetization usually reaches for manipulating people's personal socialization stream, and
2) public broadcast of personal content to the feeds of strangers, usually the most inflammatory subset because of point 1.