For example, I literally haven't seen some of my high school friends since we graduated 22 years ago, but I know all about their kids and families and their recent successes at their jobs. I like knowing that I'm still connected to people I spent literally every free hour with in my youth.
It's especially salient for me because Facebook didn't exist when we graduated. Many of them I've only reconnected with in the last 5 to 10 years, so I remember what it was like when we didn't have Facebook to keep in touch.
It has real value for me.