It's easy to dismiss as more A.I. FOMO. I mean, Meta's AI has half the IQ of ChatGPT or Gemini. However, a fake social network full of generated content might well be a solution for Meta's problems where their userbase inevitably doesn't measure up to what they wish it would.
Was going to cynically suggest they were just going to merge the two sites and then pretend they had higher user counts at their next earnings, but adding even more (better?) fake content is probably the more plausible idea.