That's exactly what's going on. It could be, however, that the cost of that opportunity outweighs what they're working with right now. Building a social network is a ton of work and could be a lot of risk. Allowing users to upload homemade music and post it to other social media is apparently tried and true, as they've been doing it for 10 years. While Soundcloud went "full social media" and then ended up with losses and layoffs, it could be that Bandcamp has opted for a slower and more measured approached to growth.
