It's also common for people to accept defaults without substantial customization. That's why the algorithms matter. Some people will deliberately seek out rage-bait even if the default algorithm delivers just-the-facts news and heartwarming pictures from friends' families. Most won't. Also, most people won't customize their settings to eliminate rage-bait if that's what gets prioritized by algorithmic defaults.
It also doesn't matter how much you customize your settings if they're inherently useless, minimally functional, or never there in the first place. A lot of the content control settings that Facebook loves to tout are practically useless.
Sure, I can hide every post from the "Controversial News" page, but I can't stop viewing content from third parties entirely. I'm only interested in first-party content - what my contacts create. Unfortunately that goes against the monetization model of Facebook.
I want a more closed loop social network and think that's the model we should return to, but unfortunately that's not where the profit/engagement is.
