In the past, a social platform was replaced by another one that did basically the same thing but better, in the eyes of users. Today, we're seeing real issues with social media, but there's no viable platform which fixes the problems with these platforms we want to leave.

I think the demand is still there. There's a power vacuum just waiting for someone to fill it. But the replacement can't just be "like Facebook but run by people slightly less creepy". You've got to fix some other root issues.