I'd be down to help with a decentralized Reddit with decentralized aggregation.

Each subreddit is hosted by someone. They manage the moderators, the rules, the users. This gets us away from the bottomless pit of moderation. They can write custom plugins to extend their subreddit in interesting ways. The level of effort and resources required to run a subreddit is minimal. This is made much easier to setup via a CLI to deploy to various cloud platforms, hosting providers provided by us. Think ~5 dollars a month in costs.

Decentralized aggregators allow searching these subreddits, aggregating their content to see trending, popular, worthwhile posts for discovery. This is decentralized in theory, but to start out, there's probably a single aggregator. The resources required is high, and curation also involves some human judgement. For example: denylist an entire subreddit, no adult content, etc.. Verifying authenticity of upvotes or whatever the heck is interesting too. This can be a for profit company. Is it going to be worth billions? Probably not, but it can be sustainable and provide a service.

Some affordance in the protocol to allow for users to cross subreddit boundaries so registration isn't required, etc. are all interesting to think about.

I'm sure mastodon, Bluesky, or another protocol has interesting ideas to steal that are applicable to a Reddit like experience vs. a full blown social network.