Love it — I think something of value was lost when we collectively decided in 2005 that everyone’s page should look exactly the same (i.e. TheFacebook™ profiles) Sadly that, combined with the changes Google made to deprioritize results from personal sites like these, all but destroyed these neat bespoke pages.
Google, meanwhile, sees that everyone is setting up Facebook profiles instead of websites because it's easier, and now businesses websites are sometimes quite out of date compared to their Facebook pages so they begin prioritizing results from network sites over regular pages. And now people can follow their favorite businesses on Facebook and be at least somewhat assured they'll always know if, for example, they have to close up one day unexpectedly and won't be doing business again until tomorrow.
This is not meant to be an argument against the cheap web, mind: I'm just saying that people trend towards what is the lowest-cost option (by money, time, effort, or any combination) and use it because it works and gets the job done. I still keep a website, because I value my independence and have no interest in having my thoughts dumbed down to suit the preferences of corporate America. But the vast majority of people do not care about that (until they get smacked with a ban-hammer anyway) and will just stick to the easy option.
Also, I would state: there is no reason we couldn't have a social media site that functions as a public utility instead of a for-profit corporation. We could just... have a Facebook that doesn't need to piss everyone off to make money. Social media without profit motive could be a massive boon to our society.