I guess it's correlated to the commercialization of those platforms. The amount of content which is actually from your friends and families is declining and was replaced by adds and viral content. If facebook would've been from the beginning what it's now, we probably never would have named it 'social media' in the first place.
Big time. I visit once/year and I'm always amazed at how useless Facebook has become.
I could barely find any updates from my friends, my feed is now an endless stream of AI-generated videos.
What's the use for that?