The moral panic over social media isn't completely unfounded it's just that it's only touching the surface. Whether you want to blame it on social media or any of the other vast amounts of "improvements" in the information age we are seeing increases in all assortments of mental health issues these days. You are now (in the west) more likely to kill yourself that be killed in a war.
This isn't solely due to "new technology" as much as its due to humans being placed in a strange state of living that's simply not natural to them. It's bewildering that we can be expected to commute through traffic every day, sit down in a solitary position staring at a screen and then spend our remaining free time surfing through our phones and watching netflix and have this be called "normal". Even people who attempt to become "active" and play sports or work out when in reality they're just mimicking a natural state that humans are supposed to be it.