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Yes they could...sites like that are successful for a variety of reasons, including functionality, intuitive design, and appeal to the layman, but they also capitalize on being in the right place at the right time and marketing. Remember, there are about a billion sites out there exactly like facebook that no one ever uses, because facebook is the one that took off.
Of course, were you to design a similar site now, you'd be faced with the additional hurdle of trying to siphon an established user base away from facebook - hard to do.
One of the most important things to remember is that people want to use what everyone else is using in order to connect - that is one of the great drivers behind facebook.
If you were targeting a different user base it may be easier to build a following, ut actively taking users away from facebook will be difficult - many have tried (and still try today).
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