I don't think it's a tiny bit at all! Compared to IRC, chat services nowadays have

-server saved history

-custom user uploaded emotes

-threads and channels

-native gif and video support

-image embedding

-voice and video streaming

-complex automation apis

-detailed and comprehensive moderation systems

None of these are optional or superfluous. If you wanna go back to everyone having to run their own bouncer, approximately 5 people will join you. Tell them that they can't even have emojis and your probably down to 0.