This won’t put an end to memes. It might encourage innovation around decentralization, though. It won’t end the internet, but given all of the stuff like this happening recently, it might be time for the internet to evolve. The technologies have been around for a while as a curiosity, and now there might be the market need.
Decentralization is what the internet was actually build for. Centralization, on the other side, brought the web to less technical people and thus scaled so massively. Can technical literacy which certainly increased (in some ways) lead to a new era of decentralization or will that be the fatal end of a symbolic "Eternal September"?
It's clunky, a bit bloated (for me, TUI > GUI for 90% of apps, so take it with a grain of salt) and have an average documentation (a pretty good documentation for a free software /s). But despite that, once installed successfully, it is better than most free cloud services i have used imo, except maybe gDrive (integration with email, android calendar and gSuite is hard to beat).
If other federated services can see light, and if people start to care about it, internet will be a better place i think
(sightly related: is lichess federated too? I know you can host a server yourself, but i'm not sure if it's true).
And that's basically just for hoarding private files.
The network effect makes it even worse: Why should I use XYZ if all my friends are on Facebook/WhatsApp/WhatsOEver?
Decentralized infrastructure (as in email, usenet, irc, ...) needs to have a bigger popularity than every walled garden. Then, the internet will become "a better place" rather than "there is a better niche for hacker kind of people on the net"