"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… "
A fork can work but only if there’s actually a decent population willing to adopt the fork, and of course someone willing to make that fork (and capable of it). A fork made by a small group of people upset by one person’s 7-day ban is not going to become name brand unless they get other stakeholders onboard.
As I see it, there are three major ways a fork could gain significant standing among the community:
I honestly think any one of these is easily manageable by a handful of people in off time. Other parts of the fediverse of similar size are chock full of forks.
Good luck.