I'm not sure social media platforms will ever settle. I have already seen one round of proprietary IM networks being toppled and replaced with Jabber. Only for some evil bastard to apply a EEE strategy to Jabber and actually succeed, so we end up in the current situation of yet another round of proprietary IM networks.

It is also not a matter of "catching up in functionality and usability". It will never catch up. Proprietary networks can build on top of free ones, but not viceversa. Also, every pseudo-feature introduced by a proprietary network soon becomes mission-critical (e.g. people will say free network X is not "up to the task" because one cannot easily send animated cat pictures with it, in the same way IRC suddenly became "not up to the task").

In summary, it is absurd to wait until free networks "catch up". They will never "catch up", for some users definition of "functionality and usability", and network effects will take care of the rest of users. The only way this works is if users are willing to actually prioritize free-ness and to actually trade off some features to gain it. Boycott closed networks, even.

But that will never happen.