Imo Mastodon is already "good enough" in its early form to satisfy several niche needs (people wanting more or less or different moderation, people wanting no ads, people wanting clients that are free to innovate, people wanting to own and/or host their own content etc). As it has a sustainable patronage model, it can build up over time and be able to keep innovating. It's not like a startup cloned #Bird and had a 12 month runway to go big or go home.
The social network of the future: No ads, no corporate surveillance, ethical design, and decentralization! Own your data with Mastodon!