There is one thing fedi actually does very well that any alternative must be evaluated against: The core problem that every social platform that desires to dump all users together into a big town square must, at some point, figure out how to scale moderation to that entire square.
No matter what claims are made about moderation initially, making quick, effective decisions that match user consensus centrally at any appreciable scale is both socially and economically infeasible.
(That doesn't mean you need to be federated or distributed on a technical level. You can have distributed moderation e.g. reddit, small group chats, etc. on a centralized platform)
chaos.social – a Fediverse instance for & by the Chaos community