I’m not sure why you’ve been downvoted. You are completely correct. There is a trail of partially finished projects. Pixelfed itself is in beta after years and years (and competitors seizing the opportunity with more polished products) , there’s SUP, Loops and that fedi directory to name three more.
This story has been popping up every few months for about the last decade. Usually prompted by someone with something to promote (a dumb phone, a book about downtime, some course )