Do you think that internet technological development has peaked? If so when? Do you have reasons to be hopeful for the future of it?

I've been reading a lot about things like AI, mass surveillance, changes to social media algorithms, etc. lately and it got me thinking:

Have developments in information technology reached a point where they are no longer improving society and are instead largely harming it?

• I grew up alongside the internet. When I was a kid, my computer was so slow that I turned it on when I came home from school to give it time to boot up while I did other things. When Youtube became a thing bandwidth was slow enough that I had to do something similar with loading up videos I wanted to watch ahead of time. Over time, improvements to bandwidth and data transfer protocols have enabled us to go from just being able to send numbers and text to being able to send high resolution pictures, video, audio, and even data necessary to update the gameplay of an online game in real time. At some point in the last few years, this got good enough to do everything I wanted at the speed I wanted and I haven't really had much in the way of bottlenecks or slowdowns since then outside of some very specific tech issues.
• I went from having something that just made phone calls to having a miniature computer in my pocket that can do all of the above about as well as my dedicated computer.
• Media editing software has become so widely accessible that ANYONE can participate in generating culture and sharing it with the world.
• Search and recommendation algorithms got good enough at some point that it made it possible for people to effectively comb through this new massive ocean of data.

And then.... what kinds of new technology has been developed or improved in the last few years? Algorithms have been made worse by being optimized around advertising, data collection, and other business interests. The availability of AI has led to a deluge of garbage gunking up the web and has made misinformation commonplace and hard to ignore. Mass surveillance has become more widespread and advanced. etc. It feels like all our recent and ongoing advancements have been net negatives for society outside of serving the interests of a handful of capitalists. So many of the brightest minds of our time are working on things that don't help anyone.

So what do you think? When was the last innovation (in internet technology, obviously we've had advances in medicines and things like that.) you'd consider to be good for us? Are there any promising lines of work being done today that you believe will lead us into a better future for the internet? Or are you pessimistic about it?