The path of least resistance states that some big company owning social media isn't a problem, until it is.
If things seem competently run, you'll give them a shot, start posting, entering a bunch of personal data, tell your friends.
I think it will be harder to convince people to do that going forward. We've had a sort of 'social media reset' the past 6 months or so, and if anything, it seems to be accelerating (as all the big platforms start doubling down on really bad ideas.)
Ultimately the web is transient, and stuff can change over time, and a site that was once trusted can lose that trust.
Better, I think, to exist on a platform where no one owns you, your data is exportable (and importable, some places) and your follow graph can move with you.
You get to watch flameouts and personalities and bad admins in realtime here, too, lots more of them than just one.
But you're ultimately not beholden to any of that. You can move until you find your people, and your followers come with you.
That's just not a thing anywhere else.