On the contrary, blocking is the only way; once moderation is moved from the realm of the individual, centralization is increased and it becomes easier to censor. Besides, just because you don't like what some account posts on a hashtag, doesn't mean others dislike it.

Now shareable blocklists could help, or blocking being a published event, like SSB does. But it has to remain within the realm of the individual to moderate their feed, otherwise we're just back to another Twitter/Facebook/whatever centralized platform.