It's created a reverse eternal September. The masses stay confined to one place. Other places can flourish with the old school smaller community kind of feel and quality. Let twitter live in its current state if it means other places won't be taken over by influencers and other bullshit.
We're all sharing the same links, articles, jokes, memes, ideas, cat pictures. What differentiates a place is its sense of community, not its content. It's easy to forget that because Twitter long ago stopped being a community.
Speaking for the fediverse only, the experience is what you make of it. Stay on the largest, averagest instance and your experience will be bland; get on an instance with people who share your values, an instance that connects with other instances OK with you, follow accounts posting content you want to see and the experience will be much better.
There's too many other places. VC can't find every tiny community out there, or even any noteworthy portion of them. Places small enough to still have a coherent sense of community are beneath the notice of VC.