I have also been long pondering what puts me off social media and how I could fix it. Often times it is the ease by which anyone can create new anonymous accounts, those accounts can be used to easily brew up a Firestorm of Falsehood[2]. Identity is a strong part of this and domain name verification isn't enough to solve this.
One potentially radical idea I've had is to form a social network of verified humans. Where each human is only allowed a single account. This is possible, while remaining anonymous to other users. I think the only way in which this can be done is by relying on passport (and other government IDs) verification. I have actually built a prototype of this (still very much a WIP)[3]. Of course, the barrier to entry is tough, if anyone has thoughts/concerns and suggestions on how I can make this happen I'd love to hear them.
Edit: To those downvoting I'd love to hear why, please :)
1 - https://listifications.app