The main question I have is this: is it going to be replaced by something better (such as federated services)?

Or will this just mean the Internet as a whole will lose lots of users? That, I think, wouldn’t be desirable. Whatever one may think of Meta, they’ve definitely done a lot to popularize the Internet as a mainstream technology, which by itself is a good thing, though if they use Meta platforms, it ought to be only the first step.