While something drastic needs to be change, not sure if a move towards being a "social media" type site is the answer. The LB Magazine isn't really used and that's already a step towards social media where new battles, new battlers, etc. should be discussed.
I'm not sure what exactly would the "fix" or if there is one.
All I know is IF this site was stripped down to the basics (Battles / Rankings / Tournaments / Forums), got rid of any / all bugs, made mobile friendly / responsive (Able to text & audio battle on any mobile browser) I would be battling all the time.
A modern / simplistic look would be extremely refreshing. New features can be introduced later but having the basics work is KEY.
Of course mass emailing the entire LetsBeef database letting know about the new site wouldn't hurt