Not sure if I see a bad thing in this. I'd like too know what old friends are currently up to and checking their social media has been a way to do so during the golden age of facebook. Lately I feel more value in connecting with them personally, talking and letting them now, that I am still interested in what's going on for them.
That's great if you're cultivating a very small group of friends who are local. Social media is how I keep vaguely aware of what's going on with my friends who now live scattered across the planet and get to see in person once per decade or so.
At most, you can call them professional contacts whom you hope to get some value out of in the future, and in that sense I’d agree — social media makes it possible to keep in touch with people whom you have a transactional relationship with.