It doesn't provide any value to the regular user; most people I know receive lots of emails mostly from body shops but rarely get a job from LinkedIn. The UI is designed to make it hard to configure privacy, and to make you casually spill your contact list. They are always trying to sell premium accounts.
To be fair it should provide some value to a junior dev who doesnt have a Network yet but LinkedIn doesn't even try to hide the fact that you are the product (unlike say fb).
Shameless plug here but I'm also so sick of LinkedIn that I've started building an alternative for developers by myself - https://able.bio/
Still very much alpha but the idea is to have a clean UI and allow developers to write their own insightful articles for the community to read and reward the author with reputation. Like Medium but with more specific language, library, framework topics etc. Then use that to help recruiters who can't code advertise and source candidates for technical interviews. No inbox spamming free for all, they can only contact you when you've applied for a position.
I'd be interested to know what people think of this and if they have any feedback.