It's extremely lucrative for very few people, some can earn a little side hustle with it but there are not many people who can make a career out of content creation on social media. I think it’s just that literally everybody these days feels the need to photograph or video experiences on their phones that you see so many people on handheld devices. It is not actually that good for society & mental health.
very few is relative
it is hard to produce content that draws attention over the long run and keep relevant
some small creators on X can make a couple hundreds, some big ones can make thousands per month
usually it takes quality and effort to grow but I understand this is not always the case