I'm a millennial and remember the Geocities days, however in my opinion the internet is more open than ever. Anyone can get a cheap VPS, raspberry Pi, or a plethora of other hosting options and publish what they want. We have so many incredible open-source and free libraries & tools for building these things, and getting them out into the world.

This is really a cultural problem, not a technical or political one. And given how cyclical culture seems to be, I have little doubt that in a few years we'll swing back to a rich federation of independent services and content.