What do you think it is about
Of course it is about private and personal data. There is only one reason why the asocial media exist and that is for monetizing your data. That is their livelihood. Anything else is a smokescreen to get more information. All those "free" services are there to entice you to give up more information.
Facebook is just one exampe of that business. The other "big" ones do the same thing. However, no one should forget, there are far more smaller players with equally or more aggressive methods to get your data. And then, the big ones are also in bed with those smaller ones. The only safe data is the data that has not been disclosed.