I think this whole idea of decentralization as the answer to big tech has run its course. The age of social networks was the late 2000s and early 2010s. A new social network, when most people are tired of phones and are detoxing, is just another step backward.
Social networks, especially generic ones, are like dating apps; they abound galore. Unless it’s serving a specific niche, I don’t see this one going anywhere.