Group chats and private Discord servers with IRL friends are the modern version of the Facebook feed.

People love attention when it's people they know and like hanging out with.

The thing that degraded Facebook and Instagram is that they're not like that anymore, they're about maximizing content so that you spend as much time on their apps as possible.

If you just want to view content they are great for that, but I'd almost argue that they're not even social networks anymore. They are much closer to a smartphone version of cable television with mildly interactive elements.