Speaking as someone who has a ton of friends (actual friends) who I only get to see once or twice a year, Facebook is a godsend. It let's us stay in touch with people we care about who live on the other side of the planet.
Yeah, if you use it as a meterstick on how "good" you're doing at life, of course it's going to make you depressed. Same goes for if you watch HDTV and do that. If you spend all your time looking at the things and lusting after the things you DON'T have, how the hell could you possibly be happy!?
And to the people complaining about clickbait, the simple fact is Facebook wants you to stay on Facebook which means if you get a shitload of clickbait, you're probably clicking a shitload of clickbait. I dedicated about a month of my daily use and deliberately hid every single clickbait-y link, photo, etc. as well as unliked pages that posted that shit at ANY time. This culled me down to a selection of pages that actually post interesting stuff, and to the friends (and what they post) that weren't clickbait. Sure, I get one every once in awhile but I'd say it's down to about 1 in 40 posts are something crummy, and every time I get it, I hide it. Facebook's news feed is actually extremely well curated, it's just designed to give you things that you will pay attention to, positive or negative attention counts.
Just my two cents of course, your mileage may vary, etc.