When it converts to the profit extraction phase the cutting edge folks will move on. Then the content will slowly become dominated by corporate auto created content. And then eventually the average person will look for the next place to go.
This is just the new cool local bar hangout at scale. This is how human socialization works. It has worked like this for hundreds of years.
I think the big difference here is that to the average user they see archive.org or Wikipedia as being a onesided transaction. An Archive where folks store information for you, an encyclopedia where information is stored by folks for you. There is no expectation of engagement of the average user. It is rare for someone to wake up and think “Man I gotta put something up on Wikipedia today or people are going to think I’m not the person I act like I am”.
People go to social events to keep up appearances. People participate on social media to keep up appearances. Maintaining these types of things require you to effectively help people balance their ability to participate in society with their ability to communicate. A Wikipedia contributor is a scholar. A community moderator is a bartender and a bouncer rolled into one. It doesn’t have the stability because the work required to keep things going is high stress for the majority of the people doing the work.
Lemmy’s solution is nice because the smaller instances can just ban whole cloth the larger ones and everyone gets to move forward. It means you never are burdened by having a ton of users, but that then also defies the goal of some of the larger social media platforms.