I do think that you’re underestimating the value of open network for large-scale aggregation. Yes, for big open world you need big indexes. But indexes don’t have to always done by single entity. Some can be shared. Resources can be pooled for apps that need a materialized index of the same data. We haven’t really seen how this plays out yet because big indexes only existed behind the doors so far.
And if all else fails, limiting the scope (by time or community) works in atproto too. It’s just… not as fun :)