I keep flip flopping between:
1. wanting it to happen to accelerate the chaos, and not limit free software
2. hating it because it could lead to EEE like you said. Also it will be a heavily moderated server, most of the good parts of the fediverse aren't even going to be able to participate.
I wonder if FB could actually control the AP standard. They definitely are big enough to be able to if they really cared to put the effort in.