I was mostly on Facebook to promote my alternative democracy. But I gathered friends a relatives to do some socializing. It was interesting to a point.
Then FB stopped posting notices from one of favorite non-profit groups. Then some cousins held a family reunion near my home town. ;For some reason, FB decided to post any of notices from my cousins, so I didn't hear about the reunion until after. Not commercially useful, not socially useful. I just used FB as an address book. I used to check it once a month, but I am also notified by email. The account seems to work for that.
I like the idea of social media. I would like to be informed of the big things happening in certain people's lives. But they also put up some much crap!
If I were to design a social media, I would limit it to one post a week. If a user posts more often, they get charged $1 per past. That is a better way to fund social media than advertising and data gathering.
And I get all the posts I have chosen to follow--in chronological order.