Absolutely.
I mean it's been going on since prehistory hasn't it, getting your rat out for money etc, so it's not new. The method/ease of access and consumption of it is definitely new and the fact that it is now such an unregulated market encourages people to go further and further to get people's attention is quite clearly damaging, not least to the people doing it.

I'm sure they'll have a lovely house and car, but I also suspect massive psychological and intimacy issues for the rest of their lives. Young people increasingly value the first and ignore the second because it's intangible - you might as well say "you'll be sorry when you're 60". If you're 18, you're just not going to be intellectually, emotionally capable of accepting that. It's like your dad saying "I was young once you know". No teenager has ever gone, "good point, I'll be sure to value your advice on the basis that the passage of time exists".