Q:

React setstate not merging the old state into the new state

according to many examples, this should work: 
const [_timeseries, $timeseries] = useState({hi:'lol'})

useEffect(() => {

socket.on('plot', e => {
 let keyname = Object.keys(e)[0]
 $timeseries({..._timeseries, [keyname] : value)})
}

}, [])

console.log(_timeseries) // here results in the initial state, not the set state

The first time it merges, it works.
But once a new event with another keyname enters, it replaces the whole thing again.
Instead of adding a new key with [keyname], the old [keyname] is being replaced.

A:

The problem here is closures.
The callback assigned to the useEffect closes the initial value of _timeseries in it's the lexical scope and it never updated.
To fix it, you need to use the functional useState which uses the most updated state within its callback:
const [_timeseries, $timeseries] = useState({hi:'lol'})

useEffect(() => {
socket.on('plot', e => {
 let keyname = Object.keys(e)[0]
 $timeseries(timeSeries => {...timeseries, [keyname] : value)})
}

}, [])

