First, you could easily get likes and share with them.
Then, you had to essentially buy likes to speak to everyone.
Now, you have to buy likes and then buy the right to speak to everyone.
It's not right, and it's a horrible experience, both as a user and an advertiser. When I like a page, it means I want to see everything they send me unless I click to hide it or content like it.
As an advertiser, the double taxation is brutally distasteful. Stock might be up, but I'm with the OP.
But I agree with you. They encouraged advertisers to get likes by advertising and let them believe that is valuable. Then they devalued the likes (this happened almost naturally, people like too many things). So, they did screw their customers around.