$5/month is completely unreasonable as a github pages account is free and Dropbox/OneDrive is $8/month.
This would be a really neat oss project. And I’m sure some people will find this useful, but seems like not the solution to social media problems.
The only way I would think this is good is if it donates $4.95/month to some sort of simple 99% charity that builds water or gives cows.