the reason why the legacy social media make money is because so much money is being thrown at controlling what people think, advertising and propaganda.
the protocol is just a protocol. it has nothing to do with the problem. it's like comparing Thunderbird to Outlook. almost nobody is usivg mozilla's version anymore, and it's barely changed in 20 years. Outlook is still holding users because it's part of Exchange and 365
the same difference. protocol is free, but nobody can build something with it forever on donations and personal savings.