Much like the .com crunch and the housing crunch, the social media crunch we're in can be blamed on over-speculation and saturation, and when the bottom falls out, there's nothing of actual value to any of these companies if they can't be sold to the next speculator.
If they can't be shopped and sold as investment opportunities in the "right side of history" future, people realize mighty quick that these places are all the same and have nothing to offer. Seen one "woke" special interest website full of barely-functional "journalists" , seen them all.
And so, burnt-out forums and dead URLs await these places in the annals of socio-financial history, along with decaying never-sold McMansions in Iowa cornfields and old dusty computer mouse pads for "Buysocksnow.com"