It was an alternative to RSS from 20 years ago that didn't catch on.

It did catch on, pretty much everything that supported RSS also supported Atom.

It's just that they both fell out of fashion when social media decided they prefer to keep their users captive than accepting interop.

I thought it did in fact catch on but most people still referred to it as "RSS".

I think it caught on well enough, platforms such as Wordpress still support it out of the box (I just checked my blog, it works).

I liked Atom's clean design but it felt it was mostly pushed by Google (I may be misremembering) and in the end the syndicated web faded into obscurity anyway.

Docusaurus supports it out of the box as well https://docusaurus.io/blog/atom.xml

IIRC RSS 2.0 included most of what Atom has, no?

Not really, and it's still more error-prone than Atom.

There's really no good reason to use anything other than Atom.