It was mostly. You still had mostly posts from your social group. it changed in 2014
1. They let non-uni students on there. Suddenly my crazy aunt was sending me a friend request and they had no option for "be polite but I don't want to have anything to do with her". That diluted the amount of stuff I wanted to see.
2. They allowed sharing posts. This just gradually turned it into shit Reddit.
It also purchased whatsapp