It will follow the EEE flow along with their normal anti-competition tactics. First, they embrace: their interest in federation is only to give them the access to content that will make their platform not look empty, allowing them to put their coffers to work on drawing the majority share of users. Then they will extend: they will make sure their platform is compatible with ingesting other server content but others will be unable to federate their content (they will become "incompatible" later, due to "features"). Then they will extinguish competition: they'll cut off what little engagement is left with those (inbound only) federated servers because they no longer need them and the majority of the remaining users will move to their platform because that is where the activity is.
Then Kbin/lemmy will be just like all the other random phpbb instances that no one really uses. Being naive won't make things any less likely, yet there will always be gullible people who argue that "of course they will embrace the technology" and that everything else is just non-sense/wouldn't have worked anyway/blah.
It doesn't take long for the largest servers to have operating costs that they will happily allow Meta to burden in exchange for nearly any concession. The main problem is that, while Kbin/Lemmy is federated, it is federated in a manner that still places content in silos and allows single servers to "own" those spaces. It hasn't really fixed the problem yet, it just spreads the problem out over a few more servers. Until spaces are universal (every server owns a slice of that community, spreading out the community instead of just the users), it will remain ripe for EEE.
shepherd
albinanigans
Aurora_Borealia