It shares many attributes/features with other social media. Does it just come down to excellent moderation on the part of u/dang? Is it the lack of instant reply notifications? Is it that thread depth is capped? Only allowing downvotes for power users? Some combination of all those?
In a way, based on the alcohol analogy, HN is kind of like an evening beer with friends at a biergarten, you drink socially, not too much to even get very inebriated, and if you try to, mechanisms exist to stop you, such as the biergarten owners kicking you out. You're not getting (or are supposed to get) drunk at a biergarten, generally speaking.
On the other hand, many other social media are more like clubs. Sure, you can drink less, but the entire environment is designed to get you to drink more. This is analogous to places like Twitter or Instagram which are specifically designed for you to use them as much as possible, like through only allowing short replies (thus stripping nuance and incentivizing short angry replies) or gamifying like counters and incentivizing heavily cherry picked and edited photos.
It doesn’t have any concept (much less a public one) of “following”, it doesn’t have public likes, it doesn’t have a DM facility, it doesn’t have a personalized algorithm, it isn’t ad supported (and thus isn’t incentivized to tweal its algorithms for maximizing engagement and ad delivery), it has negative (but equally not-public) voting and signals (flagging) that don’t require filling out a form and human review, and it has dang.
From small scale (e.g., "How to create a social media site", etc.) to "How to best use Facebook to sell XXX, to influence political campaigns, to overthrow governments, to confuse your competition, etc.".
A good bibliography?
/me checks how much time I spent on hn this week-end and decides it's maaaybe time to "log out"