The investment in web trash is not significant. If its a bubble, it won't be of the magnitude of a S&L or mortgage meltdown - it'll be some privileged Valley execs and coders getting disappointed.
Photo apps and social networks are possibly the single most useful invention of the last decade. Variations may bore you or seem silly, but there is probably room in the market for some tweaks on these themes. If they make money, then it was worth it.
If you have some future-radar that can predict which will fail, perhaps you can convince some VC or Angel firm to employ you. Otherwise they'll have to make their best guess and plonk their money down where they think best.