You're right. I am very skeptical about the contributions and statements made by social media companies and other tech giants like Netflix. Since 2014, the year Netflix went before the CRTC to argue its case on camera, we have been trying to figure out a way to regulate Netflix.
The algorithms matter a lot because they are behind the decisions. The Broadcasting Act has numerous provisions on the decisions broadcasters make in relation to programming, advertising standards, the assignment of political advertising time and so forth. Accordingly, the act needs to include clear provisions on algorithms so that the companies behind them are accountable for the decisions based on those algorithms.