Social networking IS the Internet in many ways. It’s been a natural extension of the Internet since the early days of forums and things like IRC.
To say social networking is a failed experiment is to say that the Internet is a failed experiment - nonsense.
Now I think what you mean to say is that you don’t like the UX of algorithmic feeds and firehose-style content/advertising. That’s fair.
But to write off social networking as a concept? That’s silly. The internet is so powerful because it is social.