Yes, I think so. It could. Is it likely to happen? No!
I see a distributed architecture central to have a “public space” online that works in the long term. The communication infrastructure shouldn’t be controlled by any single party.
However the way people work and the way capitalism works, it’s utterly difficult for something like ActivityPub to become the standard. F**book joining in frightens and encourages me at the same time.
I’m confident his announcement to “leave social media” was an April Fools’ joke.