It might but when you get to critical mass (as in big enough to create or attract big names and their following) you wil still be stuck with a huge amount of data. Keep also in mind that big influencers make money out of the platforms they are in so they would not have any incentive to move to the Fediverse unless someone finds a way to monetize it. At that point you have the Meta Threads controversy.

To be perfectly honest an influencer, or a group of influencers, could run their own instance and charge a subscription to follow it or run ads but most people will join a free instance to see the same content; if they defederate to force users to join their instance then they are way less discoverable; if they run ads other admins would defederate for privacy (e.g. Meta Threads); etc.

In short, yes is feasible and someone will do it, on the other side it will need a creative approach to monetization to attract big names and build a consistent user base/fund raising strategy to justify the cost of the infrastructure especially if federated. I hope it will happen, though I am not bright enough to see how.

My major concern with the success of the Fediverse is that socials like Reddit are replaceable if you have enough people to create a stimulating community, socials like TikTok, Instagram and Twitter rely on having people you want to follow in their platform to lure you in and they are much more difficult to replace.