The internet is pretty much as decentralized as things get while remaining accessible and available to the general public. There is room for some tweaking here, but even if a parallel "NewNet" rose up, it'd come to suffer the same set of problems.
"Decentralized", "peer-to-peer", and "distributed" are not just magic words that make the whole world better. Consider BitTorrent as a case study. Probably the largest "decentralized" tech success story in internet history ... and it depends on a central core of pre-baked trackers, safe DHT bootstrap nodes, and search engines to be usable.
The internet is plenty decentralized technically. The problems we have are that big companies want to get paid and they want to make sure little companies won't threaten their ability to do that. So we get shameful abuses like the CFAA and the RAM Copy Doctrine.
The further problem is that governments and other establishment power brokers want to control narratives. They've been able to do this pretty well for the last 50 years, as your average Joe on the street couldn't just start broadcasting video and competing with the television broadcasts from FCC-approved speakers. But with YouTube, the average Joe can. That is a huge threat to the power brokers.
People are working overtime to make others feel that so much as grunting a sound that sounds similar to the word "Tor" means you're an evil traitor. I don't think that the young, who know little besides the status quo by definition since they haven't experienced much yet..
To save the internet, get out there and teach people about the value of an open forum and free dialogue, even if it makes them uncomfortable. Work hard to counter-influence the negative and evil influences. Abolish the CFAA, revamp Copyright to something sane.
Just whatever you do, don't spend 10 years reinventing the internet just to make us go through this show again in 15 years when Netv2 gets the same treatment.
Pre-edit: literally falling asleep while typing this, excuse any errors etc. Going to sleep now. Goodnight.