Well not every attempt at innovation will catch on - luck plays a role too. But in terms of positioning it offers something distinct from YT/FB/Twitter/Instagram with short form video, a focus on entertainment, and like the article points out, it doesn't depend on the social graph. That puts it in a strong position vs the incumbents who are struggling to compete since they assumed customer value required other things. The innovation, whether conscious or not, was in challenging the assumptions and conventions of social media.

The trouble the incumbents have is how to compete since they can't just change their core products without a backlash. They need to find a new niche. More likely another startup will compete better and FB will try to buy them. This is just like old media's battle with 'traditional' social media.