After October 7, PS4 owners who try to share something to social media console will find that Facebook integration has been fully removed. The October 7 Facebook removal will take place prior to the launch of the new PS4 7.0 Update arriving later this week, which brings with several improved features such as party features and remote play. However, there's nothing that seemingly connects the two major changes, and in fact, Sony doesn't even explain the rationale behind this decision.
Once Facebook integration is fully removed, players will be unable to post gameplay, screenshots, trophy activity, and more to their Facebook walls, nor can they use the friend finder feature. PS4's share function itself will remain the same, just without Facebook as an option to share to.
Other major changes mean that accounts will be un-linked and new users will be unable to link accounts, friends from Facebook can't be directly added, and profile pictures uploaded via Facebook will no longer be used (and it's recommended PS4 owners change their profile picture). Overall, this probably does not directly affect regular PS4 players, but those who like to share to social media may be disappointed to learn about this change.
This is especially true given that Sony has not provided any explanation whatsoever as to why, instead simply apologizing for any inconvenience. There are a myriad of reasons that could explain this, with some of them being on Sony's side, on Facebook's side, on both's, on neither, or it could simply be because it isn't the most popular medium for sharing PS4 gameplay. Ultimately, this also begs the question as to how this will affect the PlayStation 5 and whether its share options will also be down one social media platform, but many will also be looking at the here and now
The most likely reason, though, is due to how Facebook handles data following the recent government investigation, with Facebook announcing a big change to platform API likely used by Sony. But this still doesn't seem like something that will drastically change the way PS4 owners approach their games, though one recent price change is likely making them consider a PS Now subscription.