Gods yes. It basically steamrolls everything and you end up with two situations: people who knowingly game the algorithm for malicious intent and pollute search engines and media platforms, or you have people who are earnestly playing to the algorithm to help their "content" get noticed because that's the only way it will get noticed. It creates this homogeneous landscape where everything looks the same, everyone's doing and posting the same things, everyone is chasing trends and virality, and no one is doing anything interesting or creative anymore because novel ideas that aren't SEO'd to death don't get noticed.
So what we end up with is our current situation: a toxic landscape of "influencers", "content creators", content farms, ad farms, bots, etc. polluting everything, and people with genuine passion and interesting ideas getting buried under a sea of engagement bait, rage-bait, and disguised ads.