1. The size of a healthy, general social network is limited by Dunbar's number, because this is the number of people an individual can get to know individually. For a social network to grow beyond this and remain healthy, it must become specific (e.g., an online forum with a specific focus), so that the effort required to interact with any given individual is minimised, because there are fewer points of difference.
2. People who pine for the good old days of the internet are university-educated elites who enjoyed those good old days because the only other internet users were other university educated elites. Social media didn't destroy online culture; it gave the Great Unwashed a reason to be online, and they changed online culture into something that resembled their offline culture.
3. We like to think of the good old days as a time without bubbles online, but in reality, it was just one big bubble.
4. Conventional social media platforms have just become media platforms because only a small proportion of their users - influencers - regularly produce anything interesting.