Here is my perspective:
1. See, when see something new, we try to downplay what was out there in the past. Yes, certainly there are biases in the media which is true for social media too, but generalizing every action of mass media being wrong questions the entire offering of media for more than a century now.
What has happened recently being that the focus has been directed towards the fastest way to generate revenue, and profit rather than going to the fundamentals of journalism. This is even more true for Social media.
2. Secondly, mass media have also been reporting about poverty for years, but the reach was limited. With the advent of social media platforms, there has been a democratization of information, and when we actively get involved in generating news and information, we see the issues more in hand.
3. At the same time, social media also exaggerates information even more than ever before due to the speed of transfer of information, the reach of social media and the varying backgrounds of the receiver of the information.