It is the digital equivalent of the loss leader, but because they’re not some department store, you’re right, they don’t know what they’re doing other than trying to make more money.

So they’re making a bunch of optimistic uneducated guesses, and when they don’t work (eg IGTV) it’s hot potato time.

Meta would have an inkling that there’s a problem because compelling 3D content takes a lot of time and effort to make. As you say, the best example they’ve got looks pretty lame.