They did say they would not monetize users via privacy invasion like Facebook.
Well, that is part of the value of a community/open source project, is the fact you can experiment/test various ranking algorithms rather openly without the assumption of malice/rigging.
Tbh, I think the OP has the right idea [in general] but the wrong execution. [e.g. The jab at PH in the name, rebranding after the initial influx of traffic, no clear strategy for experimentation with ranking algorithms in a crowd/open sourced manner, private comments]
I'm curious how quick they'll note the issues and address them. I considered building something but I keep running into RL related time constraints/problems that make it impossible for me to commit time before Jan. xD
That being said, it reminds me of another service with the same goals: Ello, who also said they were not going to take venture capital. We know how that turned out.
I mentioned in the threads that a Hacker News/PH competitor may not be better mechanically. There's still a lot of work that needs to be done there, particularly with ranking algorithms.