I think some might argue that any sort of service that gives customers more choice is a good thing, but recent research seems to be pointed in the direction that too many choices available is causing anxiety [+] (which might outweigh the utility the additional choice is providing).
Its good for Instagram, and its good for the economy. Society? More data needed. I worry its going to turn into Tinder for purchasing, and it simply greases the pipeline of purchasing things you don't need with money you don't have in the name of social status ("We buy things we don't need with money we don't have to impress people we don't like.”) [++].