A few years ago, something similar happened with Facebook, I used to spend hours and hours looking at pictures and videos. One day I stopped checking Facebook and so did my friends, and all of a sudden Facebook exploded with ads. Yes, it stopped being a platform for people, it became business, and now we all go back to Facebook because it is good for business.
I think you may be right from your point of view. I would like to see if Snapchat becomes good for business and stays alive after 2017.