As far as I can tell, the differences between Cambridge Analytica and the Obama campaign are that the Obama campaign got more data, got it more easily, and got a free pass afterward because people in charge at Facebook sympathized with the campaign. It was not the intended use of the platform in both cases, and slurping Facebook data to target political messages is nothing new.
One can only speculate what’s motivating the frenzied coverage. For days, this was the sole story every time I walked past a TV showing CNN or MSNBC. Maybe the powers-that-be think that if they can take social media down a peg, it will return some lost influence over public opinion to the corporate media, which in many cases is just the deep state’s marketing department.
If that is the case, it won’t work. Regardless what happens to Facebook, the future marches on. If you kill Facebook someone will just build another one. Except the next one will be decentralized, open source, and built on top of a cryptocurrency.
Anyone can publish anything now. The only way to battle Fake News is to exercise your critical thinking skills and learn how to read knowing that the content is almost always propaganda.