"the company looked at the history of social media over the past decade and didn’t like what it saw… existing companies that are only model motivated by profit and just insane user growth, and are willing to tolerate and amplify really toxic content because it looks like engagement… "
Specifically, the model should be the Wikimedia Foundation. That is, a non-profit organization with lots of stakeholders and slow procedures to guarantee accountability, and lots of resources to guarantee it won’t go away. This is the pragmatic least-bad solution to the problem of centralization on the internet.