Maybe not head to head, but you can definitely compete. Facebook has tried at least twice to materialize communities out of nothing (threads and metaverse), and they fail because it's not organic, they inherit all the bad stuff that comes with scale and none of the good stuff they organically leads to scale. We were talking about someone being imaginary groped in the metaverse and what kind of censorship it should have before anyone actually used it.
Twitter is the same, Musk bought it and drove it over a cliff.
Create a cool community and you can easily compete with those two.