That edge v. center distinction dictates the use patterns, and social media is therefore used differently than a chat app. With a chat app, the social media aspect is drowned out by the sheer volume of communication, largely text based and not media based.
But why is there a market? There is a growing movement to get away from Meta-based social media apps, because they're incredibly addictive and rob users of their attention / time. That being said, I still want to see what my friends are doing... but I'm sick of needing to choose between getting life updates from friends or having my brain back.
Build me a platform that isn't Meta-based and isn't addictive and lets me share fun things with my friends and I'll gladly pay a monthly fee for it.