• It’s an easy way to organise events and participate in small online social groups for common interests or memes or whatever. (It’s a partial replacement for forums and newsletters.)
• My newsfeed is now mainly stuff that’s interesting & relevant to me—hell, even the ads sometimes—because I’m proactive about unfollowing people who post stuff I don’t care about, hiding uninteresting content, and reporting spam.
• Even though I was an active user before, I worked there, and after having met many of the the people running the show, I generally trust that they’re technically competent and care about making something useful & good for people.
Groups for making money. Need an instagram bot, find the best cryptocurrency, learn how to sell on amazon, there are groups out there with people that will help.
It's actually becoming more useful for me and people I know, though their feed is focused on attention and not quality as you mentioned.