ForgeFed[1] seems to be an attempt in that direction built on top of ActivityPub[2], but (from my very brief impression) seems to be stuck in something of a development hell. I’m willing to believe it’ll get done at some point, but whether it’ll get traction—or how a project of this sort should even go about that in general—is anybody’s guess.

[1]: https://forgefed.peers.community/

[2]: https://activitypub.rocks/