Agreed with your closing thoughts. It's never been more obvious that we can't rely on commercial entities.
The fruits of years of organic growth within subs squandered in the name of corporate profits should be the wake-up call the average person needs.
Often when things like this happen (see:dig, twitter) the question gets asked "what can be done?" Well, let me tell you about FOSS..
Reddit and twitters recent moves were the driving force behind me switching to mastadon and lemmy, but I ditched meta/Facebook services long ago. Adding those back into this fold really makes the choice for me kind of easy. Inviting meta to the party is just a non starter.