I mean, why on earth would you expect anything different this time from yet another "social" thing made and run by a corporate entity?
I moved to Mastodon, which at least has the benefit of not being owned by a corporation, which will perhaps save it from the usual paths of ensh*ttification.
It's still useful, but it's more like a a car than a town square. you'll have a lot of fun in the beginning, you'll normalize it, it'll start to break down as you try to keep it running, and then eventually it gives up the ghost. So you either accept that and not own a car or you buy a new one.