They are in the squeezing what's left position for that platform. Young kids think of facebook like we think of myspace. Social media as a platform in fact may just be over. my kids don't really use social media, they use whatsapp/iphone groups.

in fact... maybe kids think of instagram as a boomer unc platform now too.

While it's been longer-lasting than many, social media is a fad and all fads eventually decline. Fundamentally it doesn't do anything that can't be done in a group chat. Thanks to the "forever memory" of the internet, people have learned the risks of posting anything where it will be scraped and preserved for eternity, ready to haunt you when it's most awkward.