Amen to this. I wrote an article on this subject which is a perfect complement. I'll post the link with permission.
One thing I would say, though, Jacob, is there ARE some people making money from social media: they're the ones making money from social media by selling programmes, courses, and products telling you how to make money from social media.
Cynical? Maybe.
But the truth is, there is nothing new in marketing, and there isn't likely to be until we've evolved to be different creatures from the ones we are now. Any differences are of style, not of substance.
Some of the best marketing and copywriting tips I ever got were from Robert Collier's 1937 classic "letter book".
What I find ever more depressing is people latching onto the latest fads and fashions looking for instant solutions and "effortless" answers that simply aren't there.
The (fairly) recent hype about social media marketing reminds me of the stereotypical MLM meeting where everyone's hyped to the gills... but no one's actually making any money.