My experience is that it seems like a cycle. People get frustrated with centralised systems and move towards more decentralised ones, and then centralised ones

My experience is that it seems like a cycle. People get frustrated with centralised systems and move towards more decentralised ones, and then centralised ones get better at UI/UX design and take traffic from the decentralised ones later. I mean, we saw lots of walled garden services lose to the internet as a whole, only to see internet forums and chat rooms lose out to services like Reddit and Discord. I wouldn't be surprised if people were getting more and more fed up with existing social media sites and online services, and looking into alternative technologies at this point.