I strongly disagree that it's a special case, and I strongly disagree that there are only few websites left that feel like part of a bigger something. I think you are romanticizing the past (as most people do with most things they remember from their youth - remember when kids' TV shows were actually good?).
I also remember these days as the days where we had to be very, very nice to other people and play by their rules (universities, free hosters, ...) in order to get something published online. Domain names were expensive. $5 cloud hosting? I don't think so.
I mean, I get what you mean - but I simply cannot agree.
Edit: Regarding availability of webspace, back then some for personal use usually came with an e-mail account for free (but you usually had to pay for this e-mail account, as free e-mail wasn't yet normal.) And, you could find full-fledged dedicated web-space for about $5/month. (Personally, I have been working for/with ISPs since 1996 and am hosting a personal website since 1999, before this using free webspace, which was provided either by the university or the employer.)
Edit #2: Who remembers tilde-addresses (www.domain.com/~<account>/)? – These were usually free webspace.
I'm not so sure about that. This site isn't that different from stuff like reddit or tumblr at it's heart, even if the level of discussion/quality of posts is higher. If you distilled these types of sites even further, it's really not all that different from social media like facebook or instagram. The only difference is the type of content shared and the fact that facebook and instagram are usually used with you being "yourself" rather than just a username. Then again, enough people on hackernews link their profiles to their own personal websites/linkedins/etc. that even that distinction isn't so sharp.
P.S.: Here's an exemplary link to what was once the major FirstClass node in my country, which first migrated to the web and then became obsolescenced [is this a word?] by Facebook (the tagline reads "forum for politics and society", operational 11.11.1992 - 1.12.2012): http://blackbox.at