I think this is already happening. HN might be a sort of example, but other communities I’m in are much smaller
Part of the problem with being on a site like HN is we see everyone here bitching and groaning about how much 'big web' sucks and how we should get away with it, while missing that most of us here are also visiting that same big web with a few billion other people every day. I'll believe twitter/FB/etc is dying when I watch them turn off their servers for the last time.
No pictures and great moderation is basically the opposite of Instagram and I think exactly why real discussion takes place on here.