@Gargron Great comments.
I believe the beauty of the fediverse is that we can agree on the protocol and tools, and every group can decide their own moderation rules.
Having thousands of independent sites enables each community to self-regulate (as they probably know themselves better), the rest of us may choose to engage or not.
I know that at this point we are all trying to beef up our servers to accommodate the new comers, but in the long run many of them would run their own instances too.