However, the core Facebook app seems to be exactly the same as it was 5 years ago, and I can't remember the last time they shipped an interesting new feature.
It was great to get such interesting answers. The situation is worse than I thought
If FB were an honest and ethical company, it would probably have to vastly change its business model and/or go out of business. Instead, it seems to be doubling down on monetizing creepy anti-social interactions. And this will probably, in the end, lead to its demise. The company is already in decline but has lots of money to shed before it dies off.
As a trivial example with much more serious implications, if Facebook would stop showing me Wordle posts by my friends, that’s an improvement that won’t get a press release.
To put it another way, the 90% of the iceberg below the surface is where the important changes need to happen.
The mission expanded at some point to include being a content platform and marketplace, but it's not great at either of those things. Rather than improve in those areas, it could probably improve most as an application by just abandoning what it isn't good at and focusing on what it is good at. That would involve divesting, though, which might be good for investors overall, but not for Zuck specifically and he still has veto power.
They have been in trouble over content and election influence by foreign actors. Major media has been another thorn. These areas they areas staying out of.
Facebook is like all the companies I worked for. They all have a great core product, but they need to add features to maintain its prices, so they focus on the features with marketing values, while its core products pretty much stay the same.
Facebook core probably doesn't have the user base they need to build a new product. Based on the user base of Facebook, what could they possibly launch that would be a "hot" product.
Because they don't have to
Between it being a dying platform and it working well enough for their purposes while they try to branch elsewhere, there's no need to "improve"
- paying back technical debt
- scaling the product
- handling abuse (whether it's effective or not...)
- pivoting to enterprise products?
Once you get distracted with that sort of ideation, there's no end to the distractions from legitimate business goals.