The joy of early social media is that it doesn't need to concern itself with being profitable.
Well, it DID or should have, concerned itself with profitability, and if it didn't, then we were really at the nascent "dot.com" period, where 95% of companies failed, and RIGHTFULLY SO. You can't operate a company without being profitable; who pays the rent? Who pays the salaries? Companies are not charities!
The common trajectory of most SV companies in the last couple of decades is:
1. New, kinda cool idea gets a decent chunk of VC money.
2. Idea catches on and userbase grows exponentially.
3. Because of the rapid growth, company can draw in more VC money which they can use to subsidise the service. No-one worries because the service is still growing exponentially.
4. User growth stalls. We still aren't profitable with the subsidised prices/business model. The VC capital providers expect a return on investment.
5. Uh oh.
6. We now need to figure out how we can draw more money from the existing userbase.
7. User experience declines and prices rise due to the increased focus on monetisation and it infecting every part of the user experience.