I think one looking for alternatives needs to understand what they're hoping to gain from other resources.
If you want low effort jokes, or memes, the most likely outcome is you're going to migrate to where the most people are. Similar to how some subreddits overtook others in popularity, there'll be a federated instance that "wins". We're sort of in a new frontiers phase where people are scrambling to find new homes and there'll be a lot of duplication until winners and losers are settled.
But in the end, if good memes come out of the most populous place. Reddit will probably just simply be the best you have. Anything else will be second rate. Perhaps 'the best' will make its rounds through all sites as reposts just as 9Gag stuff and Imgur stuff finds its way to Reddit or Twitter, or TikTok.
But back to the main point. Lemmy/kbin/etc likely will never be reddit. I'm okay with that because I found most value in smaller niche communities (similar to how HackerNews scratches an itch that Reddit never could). I think there'll be plenty of opportunity to drop my reddit habits as I find moderately active NetSec/Programming/Networking/etc. communities on Lemmy. I'll keep Imgur for lazy image humor, and probably nod to reddit for catching the beat on my local community/provincial subs.
I still see it perhaps as a positive for myself. Loosening my Reddit addiction will be healthy long term. I'll be forced to make decisions on what topics matter to me and how I'll consume them instead of blindly marching through reddit on another doomscroll because it was convenient.