If someone tells me a entertaining story that connects with me emotionally, it's not so much important if the story is true per se, it's important that it's told well. The storyteller might have invented the whole thing or based it on something similar and modified/exaggerated it, but that doesn't take away from the story. If i tell myself a story it wouldn't be satisfying either (if i'm not worldbuilding or an author, where the satisfaction has other sources).

It's an interesting thought and would explain why people react so intensely. I for my part was very quickly picking up on the fakeness of facebook - when i was riled up during the arabian spring in Libya, i realized that i get easily emotionally manipulated by the served content, which made me quit.

Nowadays i know much better how to verify information that's important to me; a dogs picture licking a cat which makes her purr will always emotionally positive for me, because a) it doesn't matter outside of my satisfaction, just like the well told story, and b) i can't check it for authenticity either way, so i do not care about authenticity.