IMO, the system works best when there's no one owner and most people running and moderating things are volunteers.
I agree with most of what you are saying but I don't think everyone has to be volunteers on the fediverse. Moderating and IT work are forms of labor, there is no reason people can't be materially supported for doing that labor, the problem comes in when the structures and systems become profit driven for social media/BBS systems. One is not the other, we can and absolutely should prioritize materially supporting the people who make the fediverse run and we need to consciously divorce that concept from monetizing fediverse social networks themselves or else we will keep burning out and taking advantage of volunteer devs, admins and moderators.