Honestly, I look at this and I see a future where everyone runs their own Federated services. I can verify my child's age as well as mine and I'm the best one to decide what they can and can't see. So I only need to worry about me and my family.
Or a local community can run it for themselves.
A forced move away from social media, because they can't afford the risk, to one where we all run our own stuff and can follow who we want.
This is only 1 possible outcome of course, and it's wildly idealist, but it's a future I'm going to push for no matter what. So I'm very biased, so don't take my opinion into account. :D