Facebook has no content production experience though, and when they do dip their toes into that market its via AI slop (like their official AI accounts on instagram). I think this is because they don't value the human element of art at all.

They would be entirely reliant other content providers, which is a rough place to be in when you have to deal with actual studios and not just independent creators. Independent creators are easier for Facebook to exploit since they are usually small operations and dependent on facebook/instagram for market reach.

What, you want to get fired?

Social networks didn't really exist before The Facebook. Understanding the potential market that could be created and turning down a $1B acquisition from Yahoo 20-years ago, at the time, seemed insane.

Also making the shift to mobile, when people thought that would be the death of FB is a remarkable story.

Identifying to acquire WhatsApp & Instagram, both laughed at when bought for the acquisition price at that time, now massive businesses for Meta (and their market cap value).

Meta AI glasses are surprisingly popular and growing. And more...

Note: I have no affiliation with Meta (not now or in the past)

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EDIT: Many people I see underestimate what it takes to build a business. It is the classic “I could have built that in a weekend” critique. Maybe, but the product is only like 10% of the problem. 90% of the work (and hard part) is execution.