That's what I took away from it, too. Facebook circa 2008 was great: your friends talked what were up to; everyone posted their pictures from that party last night; you didn't see anything from anyone who wasn't at most a second-degree connection. There were problems - people were jerks, and worse, and some people got pulled into chasing clout, and promoted bullshit - but they were human-scale problems, and you could largely scrub your feed from things / people like that. Unfortunately for the entire world, that sort of use wasn't profitable enough.