This reminds me of the concept I've batted around before of the Digital Small Town, which is sort of like an online clubhouse for maybe 500-2k active users where moderation can be manageable. Something like an invite system can limit growth and have effective tools against spammers. Something a dedicated paid team of mods could just about reasonably manage that isn't so busy that nobody can keep up with.

I like thinking about it as a place to generally hang out that's not too huge, sorta along the lines of Cohost's "third site" premise. Only give it more features like a dedicated chatroom, some games you can play together in the client itself, various game servers with stats and join links, maybe some watch rooms or whatever, etc. Basically expanding on what a good small discord server is useful for. Could be useful as a thing to set up for pre-existing communities.