I think people are getting tired of using apps to tag stuff, take pictures, "like" this and that, etc... It feels like we are working for a company and not having fun or create anything, and Oink! just gave me reason to think this way even more firmly. There's no market for this anymore, because we don't have that much time to spent in dozens of different communities, and so,the less populated die.
So please, if you want to build something, please work on something real and that actual solves something, not another Flickr meets Facebook/twitter app.