True. As it also hits a local minimum in terms of user experience (to the point that the average user does not care), I don't think it is possible to make a new centralized (even self-hosted) alternative on technical merits alone, since you necessarily incur a cost in the form of signing up to every server.
The only hope is a decentralized alternative like Matrix which is enshittification-resistant. I actually think the server part of matrix is more or less ready for a good Discord-like client, but the client side is lacking.