The outcome was inevitable. People had fun posting posts and photos when it was a novelty, but once the novelty wore off they were back to not wanting to put in the effort. You can only post so many photos of your cat before you grow tired of it.
But, in practice, nowadays people who have something to share with those they care about will do so through some sort of messaging application, including Facebook Messenger, so posting really only ends up being for the sake of the casual acquaintances you've accumulated as Facebook friends over the years. What, exactly, do you want to let them know?
Also the way it works, for some reason it decides 2-3 people are my besties (they are not) and just shows me what they post, ignoring what everyone else is posting, so it's still useless.
Also, you can choose to filter that feed by "Favorites". Did you mistakenly end up in that mode?