The concepts don't translate, that's for sure. However, to claim that Facebook is worth something if they just keep collecting data and we see nothing being done with that, is just wishful thinking.
Amazon invests in research and built a PaaS/SaaS service that's worth a lot. It innovates on several products like Kindle and Echo. Owns patents that are worth something.
What's the ACTUAL commercial value that Facebook is bringing to the world and to people that's making it so worthwhile? Sharing pics? Getting customized newsfeeds? Having yet another channel to communicate with your aunt or with that customer service? What do we lose if Facebook goes away tomorrow?
It's the model that has worked for TV, Radio, and Newspapers but in the new world the integration points are different from those old models making the chain of value much different.
Here's a short article that'll help explain it better than I can: https://stratechery.com/2015/aggregation-theory/
By your friend's logic, AirBnB doesn't have any value either.
Yes AirBnB is a glorified hotel reservation site, but isn't a car just a glorified horse and buggy? I guess I just don't understand how you could be so dismissive in the face of something so clearly valuable and so clearly wanted by the market.
Whoever that "someone" is, probably isn't as experienced in the markets as you think.