Possibly a mastodon based solution where users pay a small recurring fee for server management and some R&D and offering privacy, could generate enough benefits for a company (or companies) to strive.
FB (among others) made us forget the sense of scale and the value of things, including the value of privacy and brain time. I would rather pay today from 1 to 5 USD a month for a service that works, where I can share my kid's pictures with my direct family and only them, with no ads.