Strava's primary function (to me, at least) is logging runs and keeping stats (weekly distance, yearly distance, shoe miles, HR, etc.). I pay for it because those features are valuable to me. I don't think of it as "social media" as much as a shared training log.
The social aspects are a side-effect of the training. I realized pros and "influencers" use it as a tool for engagement, but as a stand-alone social media tool, it's not a very good one.
That being said, Strava layoffs are hopefully a wake up call that they need to work harder on improving their core product. I like Strava, but it has some weaknesses. There are a lots of ways they can improve/add features to generate more revenue.