Granted, there's a few problems with the federation system (mainly that finding an instance whose admin you agree with can be daunting; Mastodon being a clone of Twitter and all its flaws; etc.) but I don't think they'd be solved by adding blockchain technology.
Second of all, the crypto 'community' is not one giant community with homogeneous ideas, there are many who scoff at being bankrolled by big business and venture capitalists. I can't imagine anything less 'big business capitalism' than a system where no one entity has any control, and where users have the ability to democratically control the services/protocols they use.
There's no requirement to participate in 500000% APY LP farms or buying a bunch of meme coins and shilling VC funded ponzi schemes to be a fan of crypto. Critique that BS all you want but it's not everything.
I would consider myself a socialist libertarian and a fan of crypto. The best part of being free and open source is that we can always come along and make better software and better ways of organizing ourselves. Personally I see DAOs and zero-knowledge proofs as the most important uses so far, I think there's a lot of really cool potential there for organizing systems in ways that weren't possible before.