Squabbles, another recent reddit alternative, seems to be taking the doomed "free speech" path
(i.imgur.com)
They're currently at level 4 (arguably maybe level 2) of the content moderation speedrun: https://www.techdirt.com/2022/11/02/hey-elon-let-me-help-you-speed-run-the-content-moderation-learning-curve/
Next step is for them to start dealing with DMCA takedowns.