Separation of responsibilities?
Statuses were great as a brief update of a friend's change in their state of mind. I could follow up as I saw fit, often just keeping it in mind for the next time we met up.
Posts and news is just a steady steam of information... repeated opinions, content that forms their opinion, attempts at converting others, or minor events that would have been interesting to talk about but bland now that I've seen the highlights online... Often in impersonal monologue form, or equally impersonal many-to-many chat.
Those features gutted the middle of the friend spectrum, their UX no longer aligns with natural social patterns. Humans talk more and about different things as we become closer friend's, slowly acclimating to each other. Facebook is optimized for tight social groups. News posts are useful for my inner group, but I had to unfriend most of my more nebulous connections because their updates were basically spam in the context of my life.
Facebook's features no doubt provides better revenue from ads/targeted spam for shareholders, but they've lost what I found useful for networking and developing new relations. If anything, their new features are impediments.
At this point, I've completely dropped Facebook in favor of email and chat (mix of apps)... It's a better experience than Facebook news and posts, obvious data privacy wins, and my friends and I can share higher resolution pictures without coupling to any specific platform. I haven't found a good alternative for networking, aside from LinkedIn (okish) and plain ol' phone calls/sms/in-store meetups. Maybe that's the best there is.