It was right: too right, and was winner take all for those who figured it out (Amazon, Meta, Apple, Microsoft, Google, many others), before spam invaded and made the conversations much harder.
The web architecture , technology , and protocols are still the decentralized underpinning of the internet, but people have forgotten why they're there. It's almost an archeological dig for the new generation. It's a foundation ready for decentralization but tech folks were frustrated when people CHOOSE to live in large cluster silos, socially (eg. meta, tiktok, Twitter etc) . But in most other domains with network effects, this clustering isn't entirely surprising. Network effects is often a euphemism for "winner take all". Same confusion as to why AOL was so popular for so long. But the web moves on.
Ask yourself: how did TikTok take off? Or how do new sites come about and grow (as is happening with Bluesky, Mastodon and others? How many businesses do I transact eCommerce with directly? If we truly had a big bad hierarchical dystopia , it wouldn't happen.
It requires hard work to get noticed, but the hyperlink (and HTTP/MIME/HTML/JS) is still the foundation of all of our interop. which is why Elon shutting off Twitter unauthenticated hyperlinking this weekend is the biggest signal he wants to tank the site: no more network effects for you!
What's interesting to me is that technical folks never quite "got" the web, the way the mailing list archives from the 90s understood the web. It was built, deliberately. People now assume it's a utility that was always there. They've not experienced true silos (CompuServe Vs AOL Vs GEnie, anyone?). But still, the evolution stalled. RSS Feeds were the closest we got to an evolution , though ActivityPub is finally showing promise 15 years after AtomPub belly flopped. People have to build compelling software to make users want a more decentralized experience, and that's hard to fund when your investors usually want winner take all network effects.