People who talk about themselves a lot are generally disliked. A likable person will instead subtly direct conversation to where others request the information they want to reveal. Revealing good news about yourself is a good sign, but wanting to reveal good news about yourself is a bad sign. Best to do it without wanting to.
This appears true of most human interaction, but apparently not of that on Facebook. On Facebook, when you are not posting photographs of yourself and updating people on your activities, you are writing notes listing twenty things nobody knows about you, linking people to analyses of your personality, or alerting them to your recent personal and group affiliations. Most of this is unasked for by others. I assume it is similar for other social networking sites.
If over lunch I decided, without your suggestion, to list to you twenty random facts about me, tell you the names of all my new acquintences, and show you my collection of photos of myself, our friendship would soon wane. Why is Facebook different? Here are some reasons I can think of: