

Also seems to be growing organically unlike the rest of mastodon . codeberg is also democratic and grows organically as indicated by donations.
There is some evidence this model could be beneficial. there is some research about the benefits of credit unions and housing cooperative which is also indirect evidence iirc.
A few points:
MAU is a problematic indicator for the fediverse. for example misskey does not report it properly (see the github), for some open source platforms like lemmy the definition of active users is too strict IMO (i would count anyone that logged in, but that is a different discussion).
if you look at the growth rate of servers it is pretty good i would argue. i calculated a around 30 percent annual growth in the last few years. if this was a stock or a ETF or a pension fund this would be considered a very good growth rate IMO.
generalizing about the fediverse is not very useful IMO. look at specific software. when i thought of things i thought could be good for lemmy i submitted issues and things got implemented. if i can do it a lot of other people can. feedback is important.
you are asking people who are already satisfied with the fediverse platform they are using. which could be useful but i think you should be asking people who are not using it. find accounts you like that make you or others stay on proprietary platforms. that you think provide high quality content and ask them what they want. or even have a discussion about what features to design or experiment with. for example i saw people on r/newiran (subreddit for the opposition in iran) wanting a feature to show from which country someone posts in (like what twitter recently added). this can even just be a unofficial plugin people can install. these kind of things could provide a competitive advantage that will help people use the fediverse on top of what they want or need in proprietary platforms.