I think we're already seeing this in regards to YouTube monetization, there are a few YouTubers at the top of the pyramid making money and their content is increasingly "professional" - albeit with an air of amateur needed to connect to audiences. But the rest of the pyramid has collapsed and with it the MCN industry built on the idea that there was monetization scale in crappy content.

Exactly this. My facebook newsfeed is full of worthless content, which, though once fun and interesting is now a commodity (cat videos, for example)

As someone in my mid twenties, I spend far more time on instagram and snapchat than on facebook. If facebook was to disappear tomorrow, it'd probably be okay with me. Imagine for a second if Facebook hadn't acquired Instagram. Attention shifts very quickly in the digital world, quicker than a lot of people think.