I think that what killed that is that hyperlinks work great for browsing & discovery, but as the web matures, a lot of people want to use it for task-oriented things. And all of the Big Tech companies that came afterwards succeeded because they built a task-oriented interface that co-opted the links that were there before and turned them into ways to accomplish the task. Google took hyperlinks, used them to compute PageRank, and then used that to create a better way to solve the task of finding specific information. Facebook took user activity, aggregated it, presented it in a feed, and used it to improve the task of killing time. Amazon took product pages and direct links and used them as lead-gen to increase the ease with which you can buy things. Stripe took embedded Javascript and used it to make paying for things easier; Uber and Lyft took mobile phones and used it to make transportation easier; AirBnB took these large Internet markets and used it to make vacation rentals easier.
Where all these decentralization efforts fall down is that they tend to focus on content, the technical details of how they're going to spread bytes around, and nobody focuses on the task. It'd be interesting to recast the problem in terms of "Here's a common task of everyday life; how do you accomplish it in an adversarial environment where the government or major corporations are trying to shut off the Internet?"