The social networks of the past were useful as a way to keep in touch with people. MySpace, early Facebook, and the countless others from back then. Now everyone’s online 24/7, and accessible on multiple services all at the same time, all the time. You don’t need social networks to keep in touch with anyone anymore, their original raison d'être is gone.
What’s sought after now is meeting -other-, new, like-minded people and content. For that we have twitter, Reddit, TikTok, and whatnot. People want their bubbles. We’re all here on HN for that exact purpose.