There's certainly a lot of value in creating a product that bring many media types into one location of consumption. But at this point in the internet, we need specialized / niche communities and apps. This is the way it "used to be," and the way it is, in different corners of the internet.
I don't visit Facebook or ello to see great photographers -- I follow them on Instagram.
I don't visit Facebook or ello to hear great musicians -- I follow them on SoundCloud or get on their Bandcamp mailing lists.
I don't visit Facebook or ello or Medium to read great literature -- well, I guess I'd go to a bookstore for that.
The point is that this specialization allows:
A) many services to spring up
B) services to concentrate on one particular need / way to serve media
C) a diversity of where my data is distributed
A catch-all network is good in theory (really, probably not), but I think consumers need something else.