Yes, and this will foster large instances, similarly to the Mastodon project, which means a concentration of power, which means easy targets for billionaires.
This is similar to presidential regimes: they can be useful temporarily in a “move fast, break things” motto (see France trying to be perceived as a “winner” of the Second World war after having constitutionally given the full powers to the Pétain Marshall, who then decided to collaborate with Nazis) but they’re much easier to corrupt and they make it much easier to say, privatize every public service than a parliamentary one.
You don’t want power concentration or the billionaires will come for you.