God I hate articles like this. If you want to make a myspace clone, then make one. No-one is stopping you.
The problem is that people didn't like MySpace. It looked like crap and giving people that level of control made them feel bad. Only a few fearless kids actually made the gloriously crappy content you admire.
The other problem is that the Internet is well-settled terrain now, and users have many many options about where to hang their hat(s) and what they do there. Try convincing a Medium author that HTML is a good authoring tool.
This article is the Internet version of "good old days" nostalgia, which is, ironically, retrograde and horrifying. One important exception: if the internet ever deprecates the tools needed to make another myspace (http 1.1, html, css, available ip addresses, ability to host a durable process) then you'd have my full-throated support. And of course you're allowed to like old things that failed because of market pressure. Just don't fool yourself that the world is worse because the thing you like fell out of fashion. As much as I hate to admit it, the world is better off without coin-op arcades.