For whatever it is worth, I agree with Kit
Also, commercial centralised social networks shut down when the investors get bored of burning cash. For example Post News got way more funding than Mastodon ever did, but it closed down after barely a year of operation because the money stopped (https://www.theverge.com/2024/4/19/24135011/twitter-alternative-post-news-shutdown).
By contrast, non-profit volunteer projects like Mastodon have been going since 2016, PeerTube 2017, Pixelfed 2018 etc. It's slow but sustainable growth.