On one hand, forcing Facebook to open up its social graph would have serious privacy implications.
On the other, it would provide an incredible boost to any new social network, which could quickly bootstrap off your existing friends. That's what Instagram did with Twitter and what Vine did with Facebook.
The most important feature of a social network has always been whether your friends/family use it. If any new social network can take advantage of Facebook's social graph via API, that neutralizes this advantage. Now Facebook is forced to compete by being a better social network, not just a bigger one.