I think social media is inherently incapable of fostering good content. By nature it is social as in interpersonal drama slanted. That's not considering shareholder factor yet. Early years reddit was an oddity at the unique intersection between message boards and the social media era. In the beginning they were in the money burning phase. Not concerned with making profit. So maximizing engagement at the cost of content quality wasn't on the table yet.
Quite frankly old reddits reputation became something larger than life sized. The expertise on reddit was never really that great. There was a lot of bad info but try telling a big headed neckbeard that.
Better content is to be found on the internet outside of social media. Find that person who hosts a site to share their content from a technical basis. The people who will not suffer fools. They want to talk about inner working of their widgets. They don't care about likes and subscriptions. They don't have shareholders to answer to.
Lemmy seems to be taking the route in attempt to rapid expansion by stuffing it with low content memes. A flaw is in trying to mimic social media when most people want message boards of yesteryear.
Long past time to do it. It's not even congress but the market share of the internet has been centralizing around the handful of FAANG or whatever acronym. Unfortunately too much of the tech nerd population have been seduced by the dark side. A reconstructed world wide web would be very hard to gain enough traction without enough nerds backing it.