I generally agree, but one counter example I keep thinking of is Wikipedia. Massively successful site with few rivals despite being a nonprofit. I imagine a social media app could build some degree of success with that model. The main obstacles to my mind are a good UI/UX and a community funding approach sufficient to keep ahead of growth. It’s not yet clear whether Lemmy is “the one” to provide either. As great as the fediverse concept is, it’s harder to use and to consolidate funding for than it perhaps should be.
When people riot over pensions or living conditions it’s because it affects them directly. Here it’s just squabbling over who gets to sit in the PM’s chair. Not surprising nobody wants to riot over which unlikable politician gets a promotion.