The Chinese version of TikTok douyin is also a hybrid of games, shopping, live streams a messenger and instant apps. The ui is far less important than having a captive user base

Facebook is in the slow process of finally dying. Their ownership of Instagram is sustaining them for the time being, but they are now desperate to steal some market share away from Reddit, TikTok, and WeChat. Facebook is far more desperate than they're letting on publicly. They have already been on the decline for multiple years; the competition is now finally speeding that process up dramatically.

When was the last time you truly cared about anything Facebook-related? A few Twitch streamers switching to their platform? The only reason anyone is streaming on Facebook right now is because they were offered multi-million contracts, or because Facebook is currently paying out "autoplay while scrolling through feeds" as view counts (ie. advertising payouts based on PPV instead of PPC/PPA); when that stops, those streamers will lose everything. Facebook has inflated its viewership numbers by cheating via a "loss leader" tactic, but with nothing else recuperating the losses, which only leads to financial collapse.

tldr; Facebook is finally coming to an end. Their executives know this better than anyone, so they're scrambling to pick up as many scraps as they can in order to delay the inevitable.