I find that when people pine for the old web, what they’re really asking for is some way to connect to other people and see things that people have written or made just for fun in a genuine way, without it being performative, derivative or for other motivations.
In theory social media should have been this, but people’s constant need to accumulate validation or tendency to produce meme-like content adversely affects the quality of their output, giving it a machined style feel that rarely feels genuine or true to their human nature. Instead of seeing people’s true personalities, you see their “masks”.
Thus the issue is not rooted in a technical problem but rather a cultural one: people no longer naively share things that don’t fuel their ego in the most perfect way.