"then it doesn't deserve to exist"
When I hear that, I hear an implicit value judgement with Meta as the standard. The value of an instance is in if it can survive against a social aggregation to Meta's instance. Only then is it worthy of existing, if it can compete with the degree of funding, advertising, and account creation streamlining that we would expect from a social media platform giant.
When I hear that, I hear that small, self-hosted instances don't deserve to exist.