I'm in favor of federation. The point of federated networks isn't that there are no evil corporations, but rather that they can't cause damage.
What Facebook can do:
- read your public data (they can do this wether anyone federates with them or not)
- let their users publish content to other Fediverse users
What they can't do:
- serve you ads
- serve you an algorithmic feed
- impose their ToS or rules
- collect data for analytics/tracking/marketing
- force you to use a certain client
- make changes to the protocol or design
I think this is mostly relevant for Mastodon servers due to the format of the content, but the arguments are the same.