[Gnomic comments go over people's heads (I'm guilty of writing these too). Gotta think in UX terms - write to make your audience's lives easier, not harder.]
You're right, and I think a lot of these projects hit the same problem: "what can this offer me that centralized platforms can't?"
Take the Gemini protocol: if someone invents a "Gemini killer app" it can be replicated over the web because the web's features are a superset of Gemini's features. Medium is the centralized equivalent of traditional blogging. Spotify is eating podcasting. The whole indie web could be emulated by Meta (it's not currently big enough for them to care). Much like capitalism eating subcultures, the existing LCD internet will consume, commoditize and re-sell all alternatives.
The only exceptions I can think of are decentralization itself (centralization can only offer an emulation of decentralization) and freedom from corporate censorship, and not enough people care about them to make the switch.
I'd love to hear counterexamples if anyone has them, because I don't like this conclusion.