When Facebook became available to high school students in 2005, teens flocked to it because it was a novelty, it was one of the few games in town, and it was, for many, a superior alternative to MySpace, which, for most, had become a garish nightmare of animated GIFs and auto-playing music widgets.
Today, there are so many options available that teens have little reason to use Facebook. They aren't as concerned with maintaining old friendships as adults or twenty-somethings because, well, they don't have many old friendships. They see, on a daily basis, almost everyone they know and have ever known, and for those they don't see, Snapchat serves just fine. For now.
As people get older, staying in touch and recording memories feels increasingly important. Facebook, a sort of nostalgia machine, is much better at capturing that kind of coherent narrative than, say, Instagram, and so people naturally migrate there as they leave college and lose touch.
I'd love to see a study that tracks social network usage from age 12 to age 25. My bet, which is obviously informed by a the kind of anecdotes you're gesturing to above, is that you'd see higher usage of "ephemeral"-type social networks in the early years (because young kids can't see past their noses and have relatively few memories) that tracks inversely with usage of networks whose content has longer-term value as time passes.
I agree, but think this misses the point. I'm not "that much into" voice telephone calls, but I still rely on them and wouldn't purchase a cell phone that couldn't make them. I'm also not willing to switch to a different method of making voice calls, even if it has substantial improvements, if I have to get all my friends and family to also switch to be able to use the service.
I'm not sure how true that is although I hear it all the time. I think young people are using more social networks (Snapchat, WhatsApp) but that doesn't mean they've stopped using Facebook. My younger brother and his friends spend most of their time on their phone on Facebook.
So maybe in the future, some other social network will emerge.