If it is done to self-promote/boast about oneself, e.g. done selfishly (which I think some definitely are), then yes it's wrong.
This know also, that in the last days perilous times shall come.
For men shall be lovers of their own selves, covetous, boasters, proud, blasphemers, disobedient to parents, unthankful, unholy,
Without natural affection, trucebreakers, false accusers, incontinent, fierce, despisers of those that are good,
Traitors, heady, highminded, lovers of pleasures more than lovers of God;
Having a form of godliness, but denying the power thereof: from such turn away.
- II Timothy 3:1-5
Not only this, but Facebook and Instagram are HUGE privacy risks. Geo-location data is often posted with each photo. We are quickly entering into a world where every living moment of the day is recorded, uploaded, and analysed.
There are a few open-source/privacy respecting social-networks, but they aren't used as much as FaceCrack yet.
See here:
https://prism-break.org/en/subcategories/windows-social-networks/
I think another issue with people obsessed with Facebook, is that they don't get out and see the real world around them. It's always about getting more Likes and feeling accepted. Gaining new "friends" in a virtual-world, when IRL they don't have any who would come to their aide in time of need.