His parents posted a bit on their own FB about his death, but nobody saw it except very close friends of the family. It would have been nice to see that info on his page rather than to be hidden on theirs. It's not just the close friends that care, especially when we're all so young (around 30). He touched many hearts, even if we weren't all his good friends, there was nobody that didn't like him.
One of his best friends and my old classmate started a donation page for flowers and a cash gift for the funeral. They discussed it and raised a respectable amount, through FB groups and messages. I understand that everyone hates on FB, and I usually do too, but to be fair, it makes communication very easy and convenient, and if there was a way to donate to his funeral or to buy flowers from his FB page, I know I a lot of people would have done it.
It's good for FB, and I'd argue that it's not bad for the deceased and their friends and family. The family can delete any embarrassing photos, update info about the death and funeral, and leave a touching eulogy for friends to see no matter how close they were. Sure, FB will try to monetize it, but that's the nature of a business. Profit off anything possible. At least they're not being completely disrespectful with the way they're doing it.