Reading this reminded me of working in the virtual currency/gaming space. While the surface read of it was "oh - how terrible that we try to create status through these virtual goods that we buy", the next-level-down experience of it was "oh wow - we've always created/signaled status through the stuff we buy - it's just that, when it's virtual, it's harder to pretend that there's some other reason for it (like that expensive jacket that might keep you warm climbing a glacier but is not needed in SF)"
Similarly, while it's horrible to think about the social-media behavior she describes (and to recognize it in myself), it's also shining the light on something we already did long before social media - namely, creating and curating images of ourselves for others to see. Maybe there's a silver-edge to this cloud of social media, which is that those tendencies we have will become so exaggerated that we can't help but recognize and address their roots.