I‘ve always considered it to be exactly the other way round: in the old days of yore, the Internet was dominated by a certain kind of elite, and then the Endless September happened and commercialization followed.
Not trying to denigrate the third generation there, it's just that for them it's a mature product, like a TV or a car. They feel no need to tinker with what BigCorp is selling them.
I love it. Though FaceTokGram rolls off the tongue easier.
Those users were large numbers of mainstream non-geeky people, but they used websites on desktop computers, not through the walled garden of facebook on a phone.