It provides a GitHub-like experience, so it solves the OP's problems with SourceHut.
Regarding discoverability, I doubt anyone finds projects through GitHub's search or discoverability features, but rather through a search engine like Google or DDG and online communities. So the project should be similarly discoverable if the source was in Codeberg.
The main friction point I can see is that many won't have a Codeberg user, so they'd need to sign up in order to collaborate, while most already have a GitHub account.