Federation is someone doing a cool card trick at a cocktail party. Does it look cool? Yes. Is anyone going to go out and buy a deck of cards the next morning and learn how to do it? No.
We're getting some form of federation of messengers and other technology companies deemed "gatekeepers" by the EU. Companies serving large user bases won't have a choice, so there's no need to go out am buy anything.
But reinventing something that everyone can already do (eg. tweeting) with federation is not a winning game.