This reminds me of a recent article [0], where this line stood out:
> “We just introduced an emoji feature and comments are there so you can have conversations, and there’s more stuff in collaborative streaming that we’re going to introduce,” he added.
"We found a new niche and Twitter is trying to bully us out of it, but look, we'll have emoji soon. Comments too, and more social stuff. It's going to be great!" Sorry to cherry-pick Meerkat, they're actually an OK bunch, but that quote just stuck with me.
Add to this silliness how much money/interest is garnered by apps like Instagram, Snapchat, WhatsApp (actually, arguably solving a real problem), and it's hard to argue we're not in a similarly idiotic bubble to the previous one. Of course, this also creates valuable stuff (my favourite recently being Slack), but I'd be willing to bet that this huge BS-to-usefulness ratio isn't sustainable in the long term.
0: http://techcrunch.com/2015/05/06/meerkat-founder-on-getting-...
edit: instant downvote - if you don't just disagree with my tone, please explain why you think I'm wrong
edit 2: I'm not saying I have an answer, but at least I tried to pick something that seemed worth doing (I work at Lavaboom, we're trying to make encrypted email easy to use - with extra privacy sprinkled on top)