The internet is inherently social, we don't need to reify that aspect in explicit sites for 'social networking'. It's a weird cargo-culty skeumorphism of a natural thing. I think we need maybe point-to-point and broadcast comm standards but not social networking sites that try to trap you and own you
To say social networking is a failed experiment is to say that the Internet is a failed experiment - nonsense.
Now I think what you mean to say is that you don’t like the UX of algorithmic feeds and firehose-style content/advertising. That’s fair.
But to write off social networking as a concept? That’s silly. The internet is so powerful because it is social.