I'm not really optimistic that Mastedon will take off outside of small circles...
I absolutely love the concept, and was part of the crowdfunding in 2011 for predecessor GNU MediaGoblin, which birthed ActivityPub protocol as a sideproject for federating servers, which is now what Mastedon uses.
I suspect without embracing advertising revenue or other ways to profit that it might not take off. As much as I hate ads, I do see many small business and self-employed benefit from advertising on FB.