I’m not 100% sure but I think you essentially described how Nostr works in your first paragraph.
I have also explored other P2P approaches and built prototype social networks. I prefer a more P2P approach, I think it's more scalable, but it's complicated because IP privacy by default is important in large social networks. I'm still searching for the right solution. I think the advances in LLMs are going to help do a much better job at solving the moderation problem in social networks, and so I am experimenting with that in my off time.