For the record, people working on decentralization should not stop working on it. For myself, I have moved on to other approaches with different goals, but it's a worthwhile endeavor and if anyone ever cracks it, it'll change the damn world. And the people working on it understand exactly how difficult it is, so nothing I say is news to them.
But everyone should be clear-eyed about it. It's not a panacea, it's complicated on much more than a technical level and it's already incredibly complicated on a technical level.
And even if it works, there will still be carry-over of many of the problems we've seen with centralized social networks.