Email and websites are great federated success stories. Distributing the stakeholdership across companies in an interoperation keeps the peace, even in the face of crony capitalism. Just like each company has their own email server and website, they could and should operate their own federated instance of social media, be it Lemmy, or Mastodon, or Matrix... Or whatever becomes entrenched.
People forget that before SMTP email, there existed proprietary email! Yes, it's true. In fact it took more than 10 years for a federated email format to replace entrenched proprietary IBM and Xerox mail products.
In the end, even corporate clients prefer solutions they can have a controlling interest in, because they want some control of their kingdom, and they usually have the means to get it. You don't need extreme ancap or communistic views to get there, but you need a lot of patience. Decades of patience. It takes a long time for expensive lessons to settle in.