I didn't get the impression that this would duplicate the entire functionality of Twitter, just what amounts to the MVP functionality. If you are only talking about the MVP it's at least somewhat plausible with a lot of careful engineering and highly efficient data manipulation.

I agree mostly. Where I differ in that I would argue that hashtags were THE thing that Twitter is most known for but that could be a perspective from having been on the platform for forever and a day and I recognize not everyone may make that same association anymore.