Yes, you're describing the modern internet. Large swathes of content are locked behind a sign-in now: Facebook / Instagram (anything Meta), twitter/X, Discord, even most news sites are putting paywalls up.

I think there will be another internet available only by using other protocols but it will be forever looked down upon and payment providers will not service any monetisation there.

You mean like this platform? The one that is slightly more complicated to sign up for and thus is entirely off of the average person's radar? I haven't seen much in the way of profit motive on anything in the fediverse, and maybe it will stay that way for a while, but without the level of user tracking that is available on other platforms, it is likely that ad revenue is off the table.