I won't defend Meta here but I have a contrarian view: Fact-checking was not working and facts aren't the issue; belief and belonging are and that's a much deeper problem.
Meta to End Fact-Checking Program in Shift Ahead of Trump Term https://www.nytimes.com/live/2025/01/07/business/meta-fact-checking?smid=tw-share
Meta to End Fact-Checking Program in Shift Ahead of Trump Term

The social networking giant will stop using third-party fact-checkers on Facebook, Threads and Instagram and instead rely on users to add notes to posts. It is likely to please President-elect Trump and his allies.

The New York Times
Journalism, Belief, & Belonging - Whither news? - Medium

I increasingly come to see that we are not in a crisis of information and disinformation or even of misguided beliefs, but instead of belonging. I wonder how to reimagine journalism to address this…

Whither news?
Meta has a much deeper issue to address around alienation from communities, bigotry, fear, & othering. Fact-checking won't fix that. What's needed is social-science research, and that requires openness and data from Meta, about which they are only occasionally forthcoming.

@jeffjarvis I would counter that social science research is necessary and insufficient, and that most of the research has already been completed, but that progressives tend to disregard it: particularly when its conclusions imply that we (those supporting equity and facts and all that the fascists hate) and are among those who conduct must change if the regression towards fascism is to be stopped without war.

We accept the consensus of scientific evidence, so long as it indicates someone Other must do differently. For example, and to your point about belonging: the evidence is conclusive that belonging and such emotional needs beget belief, yet we shame, and scold, and ostracize, and categorically disparage certain involuntary identity groups, faulting each individual therein for the misconduct of other members (including events preceding their birth), blaming individuals for social structures they cannot begin to alter without us, and dismissing their suffering and trauma because they’re not the same as ours.

And then, by way of dismissing them, rather than empathizing, we tell them, “do the work,” in condescending exasperation, by which we mean “read these three dozen books, each requiring collegiate literacy to comprehend,” while disregarding that their norm is fifth-grade literacy, that access to upgrading classes are a class privilege, that post-secondary education is a class privilege, that recreational reading time is a class privilege, and that expecting anyone to believe you or do as you say after you just finished telling them off is absurd.