ETA: I love that there is no algorithm showing me more of what I've already engaged with or more of what it thinks I want. I like being exposed to new stuff that I didn't know I wanted to read about.
And the mass of this new content is memes and low effort. There is no miracle. It worked at first because of the people who joined initially, we left reddit for a reason. But some people are already feeling the crowd effect and the fediverse hasn't reached his maximum intensity yet, far from it. So expect the default fediverse federation to get worse and worse, because spammers want a public.
I see no other direction for the people who want quality content to create their own federation. Sure you can put some limiters here and there but the fundamental problem will remain. No one ever said that everyone should federate with everyone.
I think we should give it time and see how things go, but there will probably be a lot of changes on the federation thing.