It’s not zero, each fiefdom has very little power to keep users. As it is right now, a user unhappy with their instance culture or laws can move to another instance. Comparing it to moving in real life, in real life you have a lifetime worth of things that tie you to your fiefdom. Comparing it to well established and centralised social media, then those fiefdoms still have a lot of power over you.
Your social network can’t come with you, they’re SSO providers, they’re tracking and human-verification providers, they have high quality exclusive content, they’re sometimes the only channel for interacting with some third parties you have to interact with (Government, utility company, etc).
It’s completely open to Microsoft and the NSA for sure.