While social media has risks for the young, I think that's a separate issue from the broad social ills we work under now with respect to the tech.
I will let developmental psychologists figure out what should happen for under age users.
I daresay that if EN World had to verify ages to the level that would protect us from liability, we'd probably close our doors.
Not quite.
Remove the algorithms that present content we didn't explicitly ask for. Make it so we see content from folks we follow. No more auto-suggesting content from third parties. No more bumping paid content that isn't clearly an advertisement.
I suspect this would have legal repercussions far beyond social media, and I am not sure I am on board with that.
In a word: no.
The PTA, the local Scout Troop, your FLGS, and your municipality all have legitimate use cases for social media as a communication platform.