Are employers looking at Facebook also mostly a social thing?
The problem isn't embarrasment, it's judgmental people with the power to affect your live.
Yeah, we'll get right on that. I'm sure that decision makers with no judgment will become a thing. Much better if they go by what you copied into your resume than by what you actually did in public.
And this is why we have privacy. That people have disconnected lives where they are one person at work and another with their friends, is fundamental to actually being able to be yourself, to be a fully rounded person. If we start being terrified that everything we do in public will be available to anyone to judge out-of-context or through their own prejudices, you effectively give up your freedom and we are forced to regress to the lowest common denominator for behaviour. What appears on the internet is not just what you put there, it's what other people post.
What you present to the employer being separate from your personal life is actually a really important part of how we function as a society.