I actually admired when they first did it i.e. Instagram stories. It was a much cleaner version of Snapchat and there was real business opportunity—Instagram’s large user base compared to Snapchat. But since then it has become a cesspool.
By focusing too much on Snapchat, Facebook is forgetting what they are good at. They are good at giving people means of presenting their best self. By copying Snapchat they are trying to be equally good at giving people a mean of presenting their real self.
There is a limit to how far you can live with these contradictions.