You may be thinking about diaspora or mastodon, etc… Except that you may be addressing a much bigger problem than you may believe.
The most attractive point of social media is the number of users, simply because they are a communication system. That, in turn, drives them to be huge to the point of being quasi monopolies.
With size comes two effects:
- the business becomes attractive to investors
- the business becomes too expensive for amateurs, especially when you consider the cost of moderation.
The two effects combine makes them evolve towards commercialisation, unless regulation quicks in.