"On Paper" it definitely looks like a niche with tremendous potential, and one of the most ready answers to the question of how to get a broad audience familiar with blockchain technology.
On the other hand — at least of our own Steemit is anything to go by — it seems like new features take an age to roll out. Which may be a problem in social media, which tends to be very fast moving and ever changing. Perhaps that's just one of the challenges of trying to run something like this as a decentralized initiative by consensus? Don't know, not a techy.
Interesting topic, though!