My take: fb failed as a social network. Its a data sink you put stuff in but you can't get anything out. You cannot represent real social networks in fb. In real social networks you have different social circles and a different name. Facebook devides the world into friends and public, you yourself have one identity only, and that's not a good model for mapping real social networks into digital ones.
During the pandemic when we all really needed social networking fb failed to map your local bars social network onto fb.com.
If they focused on being a social network tool, instead of eating competition so they are _the_ (only) social network, people might increasingly use their products.
But they give nothing back.