I wouldn't doubt Zuck at all, he's shown time and again incredible shrewdness at predicting the future and making bold moves to stake his claim on it (Instagram, Whatsapp, and Oculus, are a few of the large publicly-known ones).

Those acquisitions were derided by the chattering classes at the time as well, yet time has shown them to be incredibly far-sighted.

Sure, any endeavour can certainly trip over itself and fail, but Facebook is not Yahoo circa 2012. They still have the cash and vision to execute well, and while you may disagree with the implementation (closed-source open world parallel to the current internet), I don't doubt there is a strong vision and motivation to build this within the Facebook leadership.