Getting pretty tired of all these poorly written "death" and "collapse" stories that are little more than random guesses. In this case in particular because the author lacks the insight most of us had a decade ago already:

"How can they possibly make so many decisions that run counter to customer preferences? There’s only one reason why they do this. They do it because they’re so dominant."

You're NOT the customer. Advertisers are. They do not make user-hostile decision out of arrogance, indifference or incompetence, they do it to make money. Preferable every quarter more.

Other than this, the lengthy article doesn't contain a single tangible point as to why Facebook would collapse.