Then what good would open standards do? Genuine question, since I have the same fears about decentralized social networking that the above poster mentioned.

It atleast opens up the space for more healthy competition, and will aid in shaping the conversation for regulation. I don't see it as a final solution, but rather a step in the right direction. So in short, I don't think a True and pure open market is the right way, much like a completely open market is healthy. There is a middleway. But the current situation seems like the worst solution.