This is the core argument of Moxie's seminal essay, The Ecosystem Is Moving:
https://signal.org/blog/the-ecosystem-is-moving/
One of the controversial things we did with Signal early on was to build it as an unfederated service. Nothing about any of the protocols we’ve developed requires centralization; it’s entirely possible to build a federated Signal Protocol-based messenger, but I no longer believe that it is possible to build a competitive federated messenger at all.
That was written in 2016 but it was true then and continues to be true today. Users reject federated open platforms because the coordination costs mean they don't move as fast as proprietary centralized platforms, and they often appear broken even if technically working as designed.
Nothing about that analysis is unique to social media. It is also true of file formats. OpenOffice never took off because new features got added to Office first, so files that used those features would open in semi-corrupted ways in OpenOffice. The fact that OO represented things internally using open unions didn't matter at all.