It has, but they don't have the users. I think that most social networks are a "right place, right time" phenomena. If Twitter or Instagram were to be released today, with all of its current features, it would probably be DOA.
BlueSky and Mastodon are solid, technically, but neither have cornered a part of the market that speaks to the average person. BlueSky is "we're Twitter, but with no users", and Mastodon solves a problem that few care about.