Right there with you, given the network effect of the underlying business, it seems crazy that this wouldn't be most or all of the value of the company.

Moreover, it is not a stunning realization that not everyone likes their job ...even in tech. Or that employers with a lot of technical drudgery would have to offer higher wages, perks, and more job security to recruit.

Yes and no. Facebook had tried mobile and failed, and there was clear fear it could not cross the chasm from desktop web to mobile web/app.

Instagram was 'born' mobile, and Facebook was very motivated to ingest their thinking/culture/skills.