This. It used to be that the same top girls would be doing the major shows for years, so you got invested in them. You could expect to see so and so at this or that show. Casts were focused and curated. Frida had her girls for Gucci walking every show, and if a newbie made the cut, it was a big deal. The casts were smaller. Girls walking the runway actually had the look and the walk. There was a certain fantasy and unattainability about all these things. There was also rhyme or reason for girls getting campaigns and covers based on their runway lists.
With the rise of social media, everything has been flipped upside down. Anyone can be a fashion model now. Everyone and their mother (literally) gets to walk shows. It's all about pandering to the lowest common denominator. Someone who walked 80 shows and opened/closed 20 this season will probably only walk some D-list show next season. Casts have ballooned to about 100 models each, yet they're all so anonymous and interchangeable that it's impossible to care for any one of them. Models get Vogue covers and campaigns not because they "deserve it" (I understand that this in itself is subjective) but because of reasons completely unrelated to modeling. Not to mention the race to the bottom with collections, where it no longer seems to be about fantasy, unattainability and escapism, but rather about affordability, mass production and appeal to the twitter and instagram crowds.
As for tFS specifically, I think there's too much censorship and control that has resulted in stifling of free exchange of ideas and opinions. That has rarely - if ever - been a recipe for success.
That's just my take on it all.