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Yeah, I don't think the algorithms are the valuable part of social media sites. It's the active users that make up the network effects. Meta has likely already figured out the algorithms already, Instagram reels is struggling because creators go where the viewers are and viewers spend the most time on the platform that has their favorite creators.
Yeah tech companies all want to present themselves as having created a very clever and scientific "algorithm" when really they're just hoarding personal data and exploiting the network effect to entrench themselves. Google web search is actually one of the more complicated algorithms because of the variety of types of results on the open internet, but even they are completely reliant on just troves and troves of user behavior data. If 80 people Google something and 2 people Bing it, Google has way better information on what results should be on top.