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Somewhere I read the comment, "LinkedIn is like high school but for adults." I see it as a circle jerk of enthusiastic Kool-aid guzzlers mixed with the greatest hits of Hallmark card business wisdom. A place where people excitedly chat about how really REALLY NICE the weather is.
As someone who is unemployed I detest it and the culture it promotes. The switch in my brain that recognizes the job search must be transactional cannot be willfully ignored for some reason. If I met people organically and shared a genuine interest then sure, you can call that "networking" if you like. That's a great path if you have a job and plenty of time to tend to those relationships.
Wading through all the Mr. Meeseeks wannabee LinkedIn influencers certainly does not restore my faith in humanity though. /rant