Not at all - if you re-visit the negatives you listed earlier in your comment - from Facebook taking over chats to real chat platforms closing - you can see that it is the users who have won: Now they generate the content, they set the agenda (mostly) and the corporate world adopted to cater to them. Its not a world in which 6-figure Ivy League columnists were creating content and deciding the agenda like 1990s.

As for data collection - people really don't care about it at large. They don't mind if they are anonymously included in some statistics about some age group's interests. Privacy is not a motive for moving to federated networks, and the lacking ease-of-use in such systems raises the bar even higher.