Like all of the other decentralized social media platforms that most people just don't care about? I'd argue that social media has become so polarized that, no matter their views, most people will want some sort of centralized body setting rules that act in their (the user's) interests.
>... and doesn't rely on advertising money.
People have widely adopted social media because they're not charged anything (aside from their privacy being invaded) to use it. How is such a platform staying online without charging users or using advertiser money?