Nothing is good or bad, it depends on the person that uses that. For someone that has a narcissistic tendencies, social media is a great way to show to others how amazing their life is, or how beautiful they are. They feed on that attention.
On the other hand - I saw amazing social media profiles, that are made with good intentions, like helping other people or communities, animals and nature. Sadly, these ones are less appreciated in our modern society. So again, it depends on the person...