>Probably a pipe-dream, but it doesn't seem like it ought have to be a pipe-dream.
It's not a pipe dream. There are two practical peer-to-peer technologies: Tor and I2P. Both are very mature, and both can be used for decentralized social apps and chats
Other P2P stacks are either too new, or lack privacy and expose your IP address - that is a deal breaker in my opinion.
>I don't know how performant ActivityPub would be for instant messaging.
ActivityPub is good, we just send small JSON documents to each other. My server can deliver several hundreds of those documents in a minute.