Privacy concerns and general Facebook scumminess aside, a consolidated text/photo/video feed like Facebook/Instagram is the natural evolution of the web. At first everyone makes their own web page. But then it becomes burdensome to constantly check the web pages of all your friends to see if they've posted anything new. So you off-load that task onto a computer, which checks for any updates, and presents you with a consolidated list of updated pages. I would've preferred it to have happened in your browser which could automatically poll certain bookmarked sites every x hours, and put any of those pages updated since your last visit into a special folder (would be really handy for the list of web comics I follow). That way this functionality would cover the entire web instead of being limited to certain sites. But the masses seem to have picked Facebook/Instagram for this purpose.