you can get a lot of the squeeze of a centralized reddit-style service (in terms of low-friction user signup) without needing actual content federation. One ID can still let you post on multiple boards without needing to sign up in 27 places, and that doesn't need content federation.
It also significantly reduces the moderation problem because now you are letting {Google,Facebook,Apple} solve (or at least gate/significantly reduce) the spammers problem for you. That said, custom IDPs are inherently at odds with this value in spam filtering. If a spammer just needs to set up a custom domain, you don't get any signal as to user quality.
When it works it's magic and when broken might as well give up. A backup can always save you depending on the timestamp.
The only hitch is that one has to trust Apple as the key manager. Everyone that can get past that hurdle will be able to manage very sophisticated trust relationships.