I partially agree with you. But my plan is to hand over the entire thing should I fall ill or get tired of hosting and maintaining it.
But in the end, everything's gonna go away. Even Reddit, like all the platforms before it. That's just the way things work.
What would be better, though? Having a P2P-like system where everything is truly federated? Like... Everyone has all accounts and all content at all times? I don't know how this would work.
At this point in time, there are clear advantages to the current federated system, but there are also clear disadvantes, like what you're describing, as well as some other things, like the different rules and moderation techniques of instances, defederation, etc.