Seems bigger than that to me. If you watch the CH4 video linked earlier, you see the CA people talking about how they wrote the manifesto for the Kenyan President, wrote his campaign speeches. They talk about plenty of dirty tricks, in conjunction with the big data stuff. This turns out to be a company, one of a group who are connected to the British establishment through school ties, government donations, ex spies, Lords etc.
It's like the private arm of the British establishment meddling in elections around the world. Facebook copping the flak seems like a sideshow imo.
I hope that the journalists who broke this story keep digging.