From the outside it appeared to be a bare framework that was never fully developed.
I didn't use it often but I checked on it periodically just to keep up on what was, hopefully, going to be a contender in the social media world. What I saw was almost no change in user facing functionality over the course of it's existence.
There also didn't seem to be any significant attempt at marketing, monetization or collaboration with the community.
Meanwhile there were significant influencers and content producers with large numbers of followers. The dream of any social media company.
I always assumed it folded because they couldn't agree on a path to monetization.
But from the perspective that they actually did care about it (which I read as they devoted significant resources to it even if that didn't translate to anything that was publicly visible)... It starts to sound more like a company that's hit the self hobbling critical mass of size and internal bureaucracy.
What did it look like from the inside?