What he describes existed and didn’t scale comparing to modern social media. It was called LiveJournal.
The largest social platforms right now are hardly showing any signs of slowdowns. The market signal is clear: this is what most people want and are fine with.
Perhaps a journaling-focused platform where social is a second-class aspect might succeed. You're documenting things for yourself anyway and if friends happen to see them and engage with them, that's an added bonus. Network effects would not matter here. In fact, this is how I used Path back in the day. I intentionally kept no friends on it and started using it like a journal, recording my thoughts, adding photos and checkins.