I bet you it doesn't. All the tech-inclined developers you talk to about how terrible it is, maybe. But your siblings, parents, non-tech friends? No.
Facebook are not stupid. The feed is ordered very deliberately and they carefully monitor what gets the most clicks. It's just that you (and I) are outside of the majority here.
They're all heavy Facebook users, so I'm not sure how much they deviate from the norm, but they're not remotely technical.
I don't know about you, but they must be designing something right, because I know a ton of tech challenged people that know how to use Facebook better than their Cellphones, TV's and DVRs. Whether this is a testament to their design, or permutation is another story, but I purposely picked those 4 examples because they all have equally permeated our society.