The success of the old Facebook was very much rooted in a particular time and place. The leading edge of the Millennial generation (which was raised to be both more social and more trusting than previous generations) was in college. The Internet was new, and people were figuring out what it was for. The economy was humming along, and recovering from the dot-com bust, and people had few concerns that basic needs like housing and food would be taken care of. A website where the point was to throw sheep at each other was a nice idle diversion for that time surplus.
It also helped that Facebook was started in one of the highest social-status dorms, in the highest social-status college, among the highest social-status demographic (college students), in a generation that was tightly socially connected. I'd remarked to a coworker, when Google was just starting Google+, that we were replicating all the technology in Facebook (and many good ideas not in Facebook that had been pioneered by LiveJournal), but we were missing the particular social moment in time that Zuckerburg capitalized on.
In short, yes, consumer preferences have changed. Consumer preferences are always changing. The new Facebook is messaging, or hanging out in person, or maybe TikTok. Replicating the old Facebook won't give back the moment in time that lead to its ascendance.