I don’t see the lemmy model failing. So, as others, I think is more of a solution in search for a problem.
In general I don’t see any reason to leave Lemmy right now.
Also I don’t think things will keep simple with that model. I see a lot of underlying complexities that the current formula does not have.
Maybe it would be a better to try that model on a fediverse area with less success than lemmy.
Peertube is really struggling for instance. Not really on the developer side of things but on the content creators. Maybe a coop of content creators for peertube could me something that is needed on the fediverse.
IP law firms tried to get their cases into my country and they only got a 50% success rate on court so they stopped trying (cost benefit thing I suppose).
Also private trackers in my country do not allow the use of VPN (why do they care IDK, they say it is to have more control on who join), so there’s little point on getting a VPN for piracy here.