That has the same problem as any federated service like Lemmy... all that content only exists at the whims of whomever is willing to run the server and foot that bill. If they decide to delete their server, or just screw up and it dies... all that is gone.
We're basically relying on thousands of individuals to be good quality sysadmins and infosec engineers, all for free.
I guess we could move to a mirroring/caching concept so that no single node contains the only copy of loads of data, but then we're duplicating huge quantities of data.
Like even today with Lemmy, there's now thousands of instances stood up and I bet 2/3 of those will be dead within 6 months. So all those posts and comments that get made on those nodes will just go poof... which might be fine for a chat system, but for forums and microblogging (mastodon) that seems terrible
A much better use of resources, but you shard the data amongst potentially untrusted hosts (ie, anybody can stand up a lemmy instance and start hosting posts/comments, and then get sick of hosting it and delete their instance and all the uploaded data).
Federation only allows access to the network of servers, it doesn't protect the data at all, which means at any moment an entire community of useful historical information could just be wiped away (especially since there's currently no monetary incentive to continue hosting, its only being done out of desire to be part of the network).
I guess I'd rather see the blockchain (or simpler caching/mirroring) approach, something like the torrent network, so that no single person has access to delete content. We can all choose to not view or not mirror content we don't agree with, but nobody can single-handedly own or modify the data