I don't think he is arguing that he doesn't like the problems that are being solved. He does mention that he sees the same problems being solved over and over again for more and more money, photo sharing being a timely example.
I don't know if he's right; in general I don't have a solid grasp on how to value companies that aren't making any money.
Assertion: if somebody comes along and solves a problem that was previously thought solved, then they are solving a new problem.
Facebook solved the "How do I share photo's online?" problem. Instagram solved the new problem of "How do I take pictures to put onto Facebook?" problem.
And I have no idea how to value companies that aren't making money. Way beyond me.
I understand, and maybe agree with, your assertion. But, you could also say that this is part of the problem. Does even more refinement, and even better solution to the problem of how to share the trivia of your life with the same few people, really improve the "economic base"? I have no idea. But I think it's a valid question.
I don't know if he's right; in general I don't have a solid grasp on how to value companies that aren't making any money.