As You said... YES and NO. If we use Facebook mainly for communication (like Messenger), arranging events or just as an extension to the real life overall - I wouldn't call it a wasted time. But then we have another side of that coin where people are literally addicted to social media and constantly updating/checking others' statuses. Also, there's a great issue with information leak. I don't mind seeing an advertisement of what i like since I would probably buy it anyway but seeing how much information regular people can google about you gives me shivers. Also, Steemit isn't exactly a social media, more like a blogging site so I doubt it'll replace Facebook. However, I'm looking forward to some kind of a fresh site with more transparent privacy policy.
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Facebook already declared war on steemit, saying they were considering using cryptocurrencies. Just imagine if Facebook copied Steemit, it would be the end of this platform and would fill even more the pockets of Mark Zuckerberg
I didn't know about that but the idea itself is good so no wonder they're considering copying this... Still, I highly doubt it'd decentralised like Steem is which would ultimately lead to its downfall in my opinion.