That's the way I've been looking at the entire web these days - and not just social media. The Google page ranking algorithm really boils down to a (potentially high stakes) popularity contest.
There are SEO tea leaf readers who think Google+ plays an increasing role in search rankings. It's probably just speculation coupled with coincidence, but as I was reading some articles on this last week, I was reminded of the Googler that wrote about why he was not going to his high school reunion. It wasn't just sad - it made me angry that adults condoned the activity. I was struck by the irony that this Googler had escaped the high school social pressure cooker, only to go on to work for a company that has engineered the world's biggest popularity contest.
That's the way I've been looking at the entire web these days - and not just social media. The Google page ranking algorithm really boils down to a (potentially high stakes) popularity contest.