It's interesting you're bringing this up. I've been working on a private CDN that one can run on their own infrastructure (currently in closed beta). Is this kind of deployment more appealing now that CF bled sensitive data?
On the other hand I've also built Cachoid ( https://www.cachoid.com/ ), which is somewhat federated like Fly's but for website acceleration and performance for WordPress, Drupal, landing pages etc. We do have the option to spin a dedicated routing layer with Cachoid, which sort of addresses the shared/neighbor bleeding issue CF suffered from.
But I still don't think decentralized is the ultimate answer to security. Although I realize that the impact could be minimized greatly.