Lemmy is the closest thing yet for sure.
The main pros: decentralized*, productive conversations, no karma, open source.
The main con is that “decentralized” is a good idea, but it only works if practiced. Most people have jumped onto lemmy.world instead of spreading out. Minor cons include a lack of decent video embedding, missing some niche communities, and small bugs.
Overall I’ve rediscovered a lot of the internet that I had simply stopped checking because reddit took over my digital life. I read HackerNews again, the NYT, and a lot more. It’s nice.
I agree completely and I’m in the same boat. Hopefully “community migration” becomes possible where you can ship all your posts to a new instance if necessary.