Babel + Webpack генерирует код, не совместимый с IE 11

При запуске webpack получается файл main.js, со стрелочными функциями, не поддерживаемой IE 11:

(()=>{var t={55:function(t,e,r){var n,i;void 0===(i="function"==typeof(n=function(){return function t(e,r){var n=Array.isArray(r),i=n&&[]||{};return n?(e=e||[],i=i.concat(e),r.forEach((function(r,n){void 0===i[n]?i[n]=r:"object"==typeof r?i[n]=t(e[n],r):-1===e.indexOf(r)&&i.push(r)}))):(e&&"object"==typeof e&&Object.keys(e).forEach((function(t){i[t]=e[t]})),Object.keys(r).forEach((function(n){"object"==typeof r[n]&&r[n]&&e[n]?i[n]=t(e[n],r[n]):i[n]=r[n]}))),i}})?n.call(e,r,e,t):n)||(t.exports=i)},970:(t,e,r)=>{"use strict";Obj

webpack.config.js:

const path = require('path');
const webpack = require('webpack');

module.exports = {
    mode: 'production',
    entry: './webpack.entry.js',

    output: {
        path: path.resolve(__dirname, './webpack')
    },

    plugins: [
        new webpack.ProgressPlugin(),
    ],

    module: {
        rules: [{
            test: /\.m?js$/,
            use: {
                loader: 'babel-loader'
            }
        }]
    }
}

webpack.entry.js:

require('social-likes-next');

package.json:

{
  "scripts": {
    "build": "webpack"
  },
  "devDependencies": {
    "@babel/core": "^7.13.1",
    "@babel/preset-env": "^7.13.5",
    "@webpack-cli/init": "^1.1.3",
    "autoprefixer": "*",
    "babel-loader": "^8.2.2",
    "babel-plugin-syntax-dynamic-import": "^6.18.0",
    "css-loader": "^5.0.2",
    "gulp": "*",
    "gulp-postcss": "*",
    "mini-css-extract-plugin": "^1.3.8",
    "node-notifier": "^9.0.0",
    "node-sass": "^5.0.0",
    "postcss": "^5.2.18",
    "postcss-easysprites": "*",
    "sass-loader": "^11.0.1",
    "style-loader": "^2.0.0",
    "webpack": "^5.24.2",
    "webpack-cli": "^4.5.0"
  },
  "dependencies": {
    "@fortawesome/fontawesome-free-webfonts": "^1.0.6",
    "core-js": "^3.9.0",
    "css-mqpacker": "^6.0.2",
    "cssnano": "^3.10.0",
    "gulp-autoprefixer": "^4.1.0",
    "gulp-concat": "^2.6.1",
    "gulp-sass": "^3.1.0",
    "gulp-watch": "^5.0.0",
    "postcss-cachebuster": "^0.1.5",
    "postcss-import": "^11.1.0",
    "sass": "^1.32.8",
    "social-likes-next": "^1.1.0"
  }
}

.babelrc:

{
  "plugins": [
    "syntax-dynamic-import"
  ],
  "presets": [
    [
      "@babel/preset-env",
      {
        "targets": {
          "ie": "11"
        }
      }
    ]
  ]
}

Пробовал еще кучу вариантов .babelrc, но толку никакого.