Facebook (like most corporations) operates an autocracy. However, unlike most corporations Facebook generates 100B+ in revenue per year (more than most countries), is worth $1T+ (again, more than most countries), and home to 3B+ users daily lives (trifecta, more than all countries). It's time to acknowledge the company that walks like a duck and quacks like a duck, is a duck.
If Facebook was so inclined to change their governance model, a plethora of prior art exists, in public sector government implementations, for them to build from. An endeavor of this magnitude is neither easy nor simple nor palatable to more engineering-inclined minds, but it's perhaps generational opportunity for a person/company to truly lead and innovate on such a ubiquitous digital platform.