The biggest issue is that most people don't want social media. They want TV
The social network part is really really simple. The early form of Facebook was remarkably effective, simple, and useful. The same goes for Instagram and MySpace. The business side, however, has poisoned that original creation into a profoundly corrosive "content delivery system" and a spy network that hides behind a fancy profile page and algorithmically (read: business interest determined) "feed".