For better or worse, I don't think it makes sense to decentralize social. The network of each platform is inherently imbued with the characteristics and culture of that platform.
And I feel like Twitter is the anomalous poster child for this entire line of thinking. Pour one out, let it go, move on, but I don't think creating generalized standards for social media data is the answer. I don't want 7 competing Twitter-like clones for different political ideologies that all replicate each others' data with different opt-in/opt-out semantics. That sounds like hell.