Indeed. There is missing representation in conversations here that make those absences conspicuous. You can see a similar effect on, for example, a company Slack channel, and figure out which groups of employees are having the same conversation on a private channel. Nothing wrong with it unless the members of the side group are obliged to participate in general conversation, and they aren’t here.
Nobody who has ever laid eyes on Bookface could possibly believe that it's a replacement for HN. It's a very different scene, more like Craigslist than Reddit. It would be weird to "hang out" there. Nobody has "fled" HN to Bookface.
Last I checked, the rate of participation of YC alumni on HN had been stable for many years. It was a couple years ago that I ran the numbers, but I doubt that it has changed much since then.
That's because YC founders fled to Bookface many years ago, YC's internal Hacker News.
A YC founder once saw me browsing HN and said "Huh, are you on Bookface?"
I realized later that he'd never been to HN.