The levels of financial censorship had reached the point where third party contents hosted by any centralized entity, be it a publicly traded company like Twitter or just a volunteer individual like on a Mastodon instance, is basically unviable. In the latest case with Clip Studio asset store incident that happened just last week, completely benign materials such as simple drawing reference materials of abstract men playing soccer/football and kimono brush patterns for a snake were flagged and deleted as "pornographic or violent". There is nothing SFW at this point; the thresholds for censorship just keeps going up and it maintains constant pressure against all expressions however innocent - if everyone follows their rules, their rules must change to make up violators. Rules and standards also significantly diverge between places and photos of people can be literally illegal by standards of somewhere or someone deeply disconnected, at this time.
While the absurdity of that is fought in the field of politics or whatever ways that works, social media has to switch to distributed online/offline mesh networks that can still create the viral behaviors, one which nobody is forced to host or share what they personally consider illegal or risky, unlike raw P2P system that could be labeled as itself illegal and/or its use inherently malicious, as how Winny and later Bittorrent, to some extent, was made out to be. It has to be something like a distributed hybrid of Google+, Discord, IRC and Reddit, but with minimum centralized infrastructure that can be plausibly operated as not primarily intended for blatantly illegal use cases that would justify helicopter raids and flashbangs into living rooms(which European counter terrorism units have done in the past; they've been that much deranged for years).
IMO the challenge is in making it trivially selfhostable. At least the server part has to be usable by someone who could barely install a GPU, and ideally the phone app should work as a server for local friends for completely legitimate fun purposes. Then it also has to be able to handle what comes down or goes up to the global net at the same time. How it could be done behind heavily NAT'd current Internet can be tricky.