The social media race to the bottom is in full swing, and nobody is going to finish it feeling happy. In the end it's going to be a sad story for users and shareholders alike. The fruit is rotting on the vine.
HN, on the other hand, doesn't even have a business model of its own. It's a text-only discussion board running on a couple servers.
If we say that any website with user generated content is "social media", then half of the web is that and the term kind of loses meaning.