Something I read someone else here on Lemmy, but which is a good point, is the fact that there aren't that many investors around anymore. Boomers are slowly dying out and Millenials don't have that much money (Gen Y even less so). All of those social media apps were/are running at a loss for a long time before eventually becoming (barely) profitable, needing a steady stream of investors chasing the potential value of the app to stay afloat.