Threads, ActivityPub, Bluesky, nostr. There's hasn't been this much of a shake up in over a decade. Will it be enough? Who knows. But I'm hopeful we'll come out with something healthier than what we've been doing with algorithmic curation.
IMO the problem wasn't with how social media was implemented, it just coincided with a culture shift to being always online that the world wasn't really ready for.
These alternatives are fine (I'm a fan of mastodon myself) but I feel they don't really address the issues of the frayed social fabric we're currently experiencing in our societies.
In other words: these platforms aren't encouraging dialogue, they simply accepted that we can't get along so they started these small clubs so we can all have our carefully curated echo chambers.
So no, fixing social media isn't a low hanging fruit, not even close.
According to this Kurzgesagt video [1] the problem isn't echo chambers, the problem is the opposite. Encouraging online dialog isn't the solution if he's right. He suggests we go back to smaller online communities and more IRL interaction.