Mastodon ended up losing its user base to Bluesky during the early Twitter exodus because many influencers and journalists wanted to have an "elite" status and a special relationship with the platform, so they preferred a platform owned by Dorsey to some hippie open-source thing. Bluesky, in turn, ended up losing back to Twitter/X when it turned out to be a place where you mostly talk about how awful Twitter/X is.
I want to say that we don't need social networks where we constantly interact with hundreds of thousands of strangers, but I'm writing this on HN, so...