The "Friends" tab (sometimes "Feed" instead; the A/B testing on this one seems strong) only shows the posts of people you know. Events is still there as well. But in both cases the rate of creation has dropped dramatically since the time you remember, making these nearly useless. That's why the social media services have had to focus on content created by professional content creators instead.

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.