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I read "it's dying" by people on Discord and Reddit all the time, but the numbers prove otherwise. It's been going up this entire time and sitting over 3 billion MONTHLY ACTIVE USERS!
I feel like the bubble around people on other platforms saying "who uses Facebook anymore lol" is kind of wild given the numbers. Keep in mind these are active users not just abandoned accounts.
Another way to say the above would be "simple and easy". Which is why it's done by a lot of small businesses that don't have the expertise (or the funds to hire expertise) to do something better
If it's a small town hardware store, it's easier for them to manage a Facebook page that they can access using their regular Facebook account.
Good luck to them when Facebook starts throttling their views and demanding money for more exposure. And good luck to them since they don't show up on Google or yellow pages sites, nor have a website listed on Google maps. Like the other person said above, plenty of people will just do business elsewhere.
Instead of just doing W analysis, why don't you learn SWOT analysis instead. It will water down your bias.