The thing is, web3 should be a thing and it should be completely decentralised... it just shouldn't involve cryptocurrency. It should involve cryptography.
OpenPGP has had almost everything you need for years. Here's a brief outline of how a decentralised social network works:
You start by installing an app on a device which we'll call The App. When you first start The App, it creates as self-signed OpenPGP identity.
Next time you see a friend of yours, you convince them to install The App. You use NFC to cryptographically sign each other's identities - in OpenPGP terms, this is a "Positive Certification". On each of your phones, The App notes at which IP address they found each other.
Once you have a circle of friends created in this way, you might accepting remote friend requests by certifying someone else's identity (and them certifying yours). These work in the same way as NFC certifications, but they are "Casual Certifications" rather than positive ones. You can gauge how likely it is that a friend request really came from the person it claims to come from by seeing how many of your friends have given them positive certifications or casual certifications; their identity can be given a score by The App on this basis.
The App keeps track of how it contacts your friends (ie their IP addresses). Whenever your device's IP address changes, it sends a message to each of your friends saying, "Hey, my IP address has changed." You use your OpenPGP identity to sign this message so they can tell it's really from you.
Whenever you post new content, The App sends a signed message to inform all of your friends. The App on their devices can decide whether to download the content immediately from you or wait until a later time or ignore it entirely, based on user preferences, network conditions etc.
If The App tries to contact a friend and gets either no response or a response not signed with the right key, it starts asking all your other friends in turn, "Do you know where this identity is?" If no-one has a valid location for them, it means that everyone's device has changed IP address simultaneously (or close enough that the address change notifications didn't get through). It's not entirely impossible - say if everyone in your circle turned their phone off overnight or there was a really major internet outage or something. But on the whole, it's pretty unlikely to happen. And it's mitigated in two ways. Firstly, The App on devices on the same subnet uses IP multicast to find each other and check whether they've signed each others' identities. And secondly, friends who are physically next to each other can use NFC to reconnect. If one person falls off the network somehow, it only takes reconnecting with one person to then reconnect with your entire network.
This is proper social networking. It's not mediated by anyone; you decide who you trust, what you want to see, what you share with whom. Nothing is stored on a server anywhere; the only server involved in the whole damn thing is the one you install the app off of. There is no way for advertisers to advertise on it. There is no way for political parties / conspiracy theorists / antivaxxers / whatever other nutjobs to push their content unless you actually know them. Implementing end-to-end encryption of all the content is trivial, if that's what you want; at any rate, it's all signed. Decided you don't like your identity and want to start fresh? Just uninstall the app and reinstall it. You'll have to reconnect with all your friends with your new identity, but that's what starting fresh is actually like.
There are three problems:
* Almost every device is behind a NAT gate these days. This makes direct connections between devices impossible to do with any reliability. Once IP6 is universal and every device has a publicly routable IP6 address, this problem will go away. We are not there yet. I would not be surprised to find that Facebook is actively discouraging ISPs from implementing IP6 to prevent exactly this sort of thing.
* There is no way to monetise it. Or not that I can think of. You could perhaps sell the app. But someone will just write a compatible client. It will be worse and have crypto backdoors and will inject advertising into the network but it will be cheaper than yours and people will use it. Which leads to the third problem:
* No-one has done it yet.