It's not in the fediverse
Not good. I can understand individual users or communities not wanting to be a part of the Fediverse or certain parts of it, but federation is a necessary condition for me to adopt a social media platform at this point.
For example, I've seen a few users discussing Kbin vs Lemmy. Now I prefer Lemmy, but I also want to see Kbin succeed. Despite that I think Lemmy is technically better, the fact that they use the same protocol means that we can talk to each other. We can agree to disagree in this new system.
We have seen what will happen if we allow social media to be owned by one company. Time and time again, the platform kills itself and those communities fragment. Sure Wikipedia is a company with a great deal of public trust, but so was Reddit. The issue is that the success of the system hinges on the benevolence of a single company or person. This is the main issue with centralized control in any instances: compromising the central controller kills the whole system.
If it gets popular, it's an indication that users have not learned that lesson, and eventually that platform will too "enshittify" itself into oblivion. Hopefully, they'll change course and federate.