I deactivated my first account 8 years ago, but got back on to re-connect with my old pals and acquaintances from back in the day. For that reason, it was fantastic.
After another year, I realized that I can't actually say ANYTHING interesting on this platform without offending someone. There's a lot of variety in my crowd. I have the sense IRL to know that not everything is for everybody, but that doesn't matter much on Facebook unless you want to spend hours and hours hand-crafting subsets of your friends for different topics (I don't). And I have zero interest in posting selfies or status updates of what's going on in my life, so that made the platform exceedingly boring and a waste of time for me. It's a shame, because it does work really well for "connecting" with people (in the shallowest sense of the word).
The two aren't completely inseparable. Social media and the modern internet drive the kind of digital puritanism you are describing, and social media and the modern internet are largely based on monetization through advertising, which is driving the social cooling the website is describing. But the two are different phenomena, and I find the one you are describing much more relevant and terrifying than algorithms tracking my clicks to curate my advertisements and Instagram feed.