I think this is more an indictment that people don't actually know how to use FB.
YOU control what you want to see and who you interact with, spending to much time there? Take charge of your own life and click off. Seeing something you don't want to see? Hide it. It's not rocket science.
Personally I get a great deal of value from it. It's a tool like any other, but you have to know how to use it.