Thst makes lemmy , a reddit with many /u/spez , but in practice it will end up like the actual internet of today, where only 5-10 sites control everything.
This process is already far along on lemmy, already very centralized and all the incentives are in place to make it even more centralized.
I expect the settlement of the defederation war, will create 2-3 cliques of the largest servers that each silence the rest of the lemmyverse on their property.
Give it a little time and they’ll probably make themselves fully private cliques.