Yes, and I'd also argue that we don't "need" it. It's certainly a good tool you can build to suit your needs/wants like news, funny stuff, etc, but we can also go without. The big difference between social media really is whether you are the product or not.
There's just so many instances of us exporting things to countries and no one wanting it. The big one that surprised me and stuck with me was clothes. Cbc marketplace even had a video about it: https://youtu.be/elU32XNj8PM